Planet Fitness, Inc. (NYSE:PLNT - Get Free Report) was the recipient of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 8,010,000 shares, a growth of 20.3% from the April 30th total of 6,660,000 shares. Currently, 10.1% of the shares of the company are sold short. Based on an average daily volume of 1,660,000 shares, the short-interest ratio is currently 4.8 days.
Institutional Trading of Planet Fitness
A number of institutional investors and hedge funds have recently bought and sold shares of PLNT. T. Rowe Price Investment Management Inc. grew its position in shares of Planet Fitness by 48.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company's stock valued at $782,169,000 after purchasing an additional 2,570,826 shares in the last quarter. Invesco Ltd. boosted its stake in Planet Fitness by 358.0% during the first quarter. Invesco Ltd. now owns 2,211,139 shares of the company's stock valued at $213,618,000 after buying an additional 1,728,407 shares during the last quarter. Ninety One UK Ltd purchased a new position in Planet Fitness during the 4th quarter valued at approximately $130,376,000. Price T Rowe Associates Inc. MD grew its holdings in Planet Fitness by 62.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,289,606 shares of the company's stock valued at $317,810,000 after buying an additional 1,268,262 shares in the last quarter. Finally, Norges Bank bought a new stake in Planet Fitness in the 4th quarter worth approximately $100,009,000. 95.53% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on PLNT shares. Canaccord Genuity Group began coverage on shares of Planet Fitness in a report on Thursday, March 13th. They issued a "buy" rating and a $120.00 target price on the stock. BMO Capital Markets increased their price target on Planet Fitness from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Monday, March 31st. Stifel Nicolaus set a $120.00 price objective on Planet Fitness and gave the stock a "buy" rating in a report on Thursday, May 22nd. Macquarie reiterated a "neutral" rating and set a $95.00 price objective on shares of Planet Fitness in a research report on Tuesday, May 13th. Finally, Roth Mkm reissued a "buy" rating and issued a $115.00 target price (up previously from $110.00) on shares of Planet Fitness in a report on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $105.11.
Read Our Latest Stock Report on PLNT
Planet Fitness Price Performance
Shares of NYSE:PLNT traded up $0.42 during trading on Friday, hitting $105.58. 1,175,250 shares of the company's stock were exchanged, compared to its average volume of 1,397,343. The business's 50-day simple moving average is $98.31 and its 200 day simple moving average is $99.71. The company has a market cap of $8.89 billion, a price-to-earnings ratio of 56.76, a PEG ratio of 2.45 and a beta of 1.33. Planet Fitness has a 52-week low of $65.23 and a 52-week high of $110.00.
Planet Fitness (NYSE:PLNT - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.03). Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company had revenue of $276.66 million for the quarter, compared to the consensus estimate of $279.80 million. During the same quarter in the previous year, the business earned $0.53 EPS. The company's quarterly revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that Planet Fitness will post 2.51 EPS for the current fiscal year.
About Planet Fitness
(
Get Free Report)
Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.
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