Price T Rowe Associates Inc. MD Grows Stock Position in Planet Fitness, Inc. (NYSE:PLNT)

Price T Rowe Associates Inc. MD raised its holdings in Planet Fitness, Inc. (NYSE:PLNT) by 35.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,859,366 shares of the company’s stock after acquiring an additional 483,586 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Planet Fitness were worth $116,453,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in Planet Fitness by 247.6% in the fourth quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after buying an additional 255 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in Planet Fitness in the first quarter valued at about $27,000. McGlone Suttner Wealth Management Inc. purchased a new stake in Planet Fitness in the fourth quarter valued at about $47,000. Asset Management One Co. Ltd. raised its stake in Planet Fitness by 17.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock valued at $73,000 after buying an additional 148 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in shares of Planet Fitness by 24.4% in the fourth quarter. First Horizon Advisors Inc. now owns 1,006 shares of the company’s stock valued at $73,000 after purchasing an additional 197 shares during the period. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PLNT shares. StockNews.com upgraded Planet Fitness from a “sell” rating to a “hold” rating in a research note on Wednesday, May 8th. Morgan Stanley restated an “overweight” rating and issued a $79.00 price objective on shares of Planet Fitness in a research note on Friday, June 14th. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and raised their price objective for the stock from $62.00 to $100.00 in a research note on Monday, June 10th. Raymond James raised their price objective on Planet Fitness from $75.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Friday, May 10th. Finally, TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and raised their price objective for the stock from $66.00 to $92.00 in a research note on Monday, June 24th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.64.

Planet Fitness Stock Down 1.2 %

Shares of Planet Fitness stock traded down $0.88 on Monday, reaching $74.11. The company’s stock had a trading volume of 254,813 shares, compared to its average volume of 1,642,568. The company has a market capitalization of $6.53 billion, a P/E ratio of 43.10, a PEG ratio of 2.52 and a beta of 1.49. Planet Fitness, Inc. has a 52-week low of $44.13 and a 52-week high of $79.09. The stock has a 50-day moving average price of $70.90 and a 200-day moving average price of $66.84.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The business had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $249.48 million. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. Sell-side analysts forecast that Planet Fitness, Inc. will post 2.43 earnings per share for the current fiscal year.

Planet Fitness Profile

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.