Royal Bank of Canada lowered its stake in shares of Planet Fitness, Inc. (NYSE:PLNT) by 39.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 457,896 shares of the company’s stock after selling 302,895 shares during the quarter. Royal Bank of Canada owned approximately 0.53% of Planet Fitness worth $10,687,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC acquired a new stake in shares of Planet Fitness during the first quarter worth approximately $1,234,000. Federated Investors Inc. PA grew its position in shares of Planet Fitness by 26.8% during the second quarter. Federated Investors Inc. PA now owns 270,000 shares of the company’s stock worth $6,302,000 after buying an additional 57,000 shares in the last quarter. American Century Companies Inc. grew its position in shares of Planet Fitness by 16.6% during the second quarter. American Century Companies Inc. now owns 327,736 shares of the company’s stock worth $7,649,000 after buying an additional 46,554 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Planet Fitness by 7.7% during the second quarter. Principal Financial Group Inc. now owns 851,131 shares of the company’s stock worth $19,866,000 after buying an additional 60,939 shares in the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of Planet Fitness during the second quarter worth approximately $2,684,000. 94.15% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Christopher Rondeau sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $26.75, for a total transaction of $535,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 19.87% of the company’s stock.
A number of analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research report on Wednesday, October 11th. BidaskClub downgraded shares of Planet Fitness from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. Robert W. Baird reissued an “outperform” rating and set a $31.00 price target (up previously from $28.00) on shares of Planet Fitness in a research report on Wednesday, October 4th. Jefferies Group LLC reissued a “buy” rating and set a $29.00 price target on shares of Planet Fitness in a research report on Thursday, September 14th. Finally, Roth Capital raised their price target on shares of Planet Fitness from $23.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, August 21st. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $28.00.
Planet Fitness, Inc. (PLNT) opened at 26.08 on Tuesday. The firm has a market cap of $2.23 billion, a P/E ratio of 44.97 and a beta of 0.86. Planet Fitness, Inc. has a 12-month low of $18.32 and a 12-month high of $27.22. The firm has a 50-day moving average of $26.38 and a 200-day moving average of $26.38.
Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Wednesday, August 9th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $107.31 million for the quarter, compared to analysts’ expectations of $101.99 million. Planet Fitness had a negative return on equity of 57.01% and a net margin of 8.77%. Planet Fitness’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 earnings per share. On average, analysts expect that Planet Fitness, Inc. will post $0.47 EPS for the current year.
About Planet Fitness
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise; Corporate-owned stores, and Equipment. The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.
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