Simon Quick Advisors LLC Takes Position in Planet Fitness, Inc. (NYSE:PLNT)

Simon Quick Advisors LLC bought a new position in shares of Planet Fitness, Inc. (NYSE:PLNT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,074 shares of the company’s stock, valued at approximately $300,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Dorsal Capital Management LP bought a new stake in shares of Planet Fitness in the 4th quarter worth $182,500,000. Greenvale Capital LLP lifted its holdings in Planet Fitness by 291.3% in the 4th quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock valued at $127,103,000 after acquiring an additional 1,296,140 shares during the last quarter. Norges Bank bought a new position in shares of Planet Fitness during the 4th quarter valued at about $65,674,000. Steadfast Capital Management LP grew its stake in shares of Planet Fitness by 97.7% in the 1st quarter. Steadfast Capital Management LP now owns 1,381,860 shares of the company’s stock worth $86,546,000 after purchasing an additional 682,863 shares during the last quarter. Finally, Junto Capital Management LP grew its stake in shares of Planet Fitness by 255.4% in the 4th quarter. Junto Capital Management LP now owns 756,934 shares of the company’s stock worth $55,256,000 after purchasing an additional 543,942 shares during the last quarter. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Planet Fitness Stock Performance

Planet Fitness stock opened at $81.73 on Friday. Planet Fitness, Inc. has a twelve month low of $44.13 and a twelve month high of $82.82. The firm has a market cap of $7.21 billion, a PE ratio of 46.97, a P/E/G ratio of 2.72 and a beta of 1.49. The firm’s 50 day moving average price is $76.89 and its two-hundred day moving average price is $68.48.

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. TD Cowen upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and raised their target price for the stock from $66.00 to $92.00 in a report on Monday, June 24th. Roth Mkm lifted their target price on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Royal Bank of Canada upped their target price on Planet Fitness from $77.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Morgan Stanley reissued an “overweight” rating and issued a $79.00 price target on shares of Planet Fitness in a research note on Friday, June 14th. Finally, Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $62.00 to $100.00 in a report on Monday, June 10th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $83.79.

Insider Activity

In related news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total transaction of $497,153.36. Following the transaction, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at $524,549.42. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.94% of the stock is owned by corporate insiders.

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.