Greenvale Capital LLP Cuts Stake in Planet Fitness, Inc. (NYSE:PLNT)

Greenvale Capital LLP trimmed its position in Planet Fitness, Inc. (NYSE:PLNT) by 9.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,300,000 shares of the company’s stock after selling 235,307 shares during the period. Planet Fitness makes up approximately 10.6% of Greenvale Capital LLP’s portfolio, making the stock its 2nd biggest position. Greenvale Capital LLP owned approximately 2.61% of Planet Fitness worth $169,257,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Planet Fitness by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after buying an additional 97,823 shares during the last quarter. Cadian Capital Management LP boosted its holdings in Planet Fitness by 9.6% during the fourth quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock worth $323,417,000 after purchasing an additional 386,861 shares during the last quarter. Dorsal Capital Management LP grew its position in Planet Fitness by 7.7% in the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock worth $213,940,000 after purchasing an additional 207,193 shares in the last quarter. William Blair Investment Management LLC bought a new position in shares of Planet Fitness during the 2nd quarter worth approximately $166,978,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Planet Fitness by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock worth $116,453,000 after buying an additional 483,586 shares during the last quarter. Institutional investors own 95.53% of the company’s stock.

Insider Activity at Planet Fitness

In other news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total value of $497,153.36. Following the completion of the sale, the chief accounting officer now directly owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.94% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on PLNT. Jefferies Financial Group raised shares of Planet Fitness from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $62.00 to $100.00 in a research report on Monday, June 10th. Piper Sandler lifted their price target on shares of Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and raised their price target for the stock from $66.00 to $92.00 in a report on Monday, June 24th. BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price target (up from $80.00) on shares of Planet Fitness in a report on Wednesday, August 7th. Finally, DA Davidson restated a “neutral” rating and issued a $62.00 price objective on shares of Planet Fitness in a research report on Friday, June 14th. Four research analysts have rated the stock with a hold rating, eleven have assigned 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 $84.93.

Planet Fitness Stock Up 0.9 %

Shares of Planet Fitness stock opened at $81.22 on Tuesday. The company’s fifty day simple moving average is $79.48 and its two-hundred day simple moving average is $70.76. Planet Fitness, Inc. has a 12-month low of $46.50 and a 12-month high of $85.08. The firm has a market cap of $6.92 billion, a PE ratio of 46.68, a price-to-earnings-growth ratio of 2.79 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The company had revenue of $300.94 million for the quarter, compared to the consensus estimate of $290.17 million. During the same quarter in the previous year, the business earned $0.65 EPS. Planet Fitness’s revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts expect that Planet Fitness, Inc. will post 2.44 earnings per share for the current fiscal year.

Planet Fitness Company 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.