Envestnet Asset Management Inc. Decreases Stock Position in Planet Fitness, Inc. (NYSE:PLNT)

Envestnet Asset Management Inc. lessened its stake in shares of Planet Fitness, Inc. (NYSE:PLNT) by 4.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 215,298 shares of the company’s stock after selling 10,735 shares during the period. Envestnet Asset Management Inc.’s holdings in Planet Fitness were worth $15,844,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PLNT. Dorsal Capital Management LP purchased a new stake in Planet Fitness during the 4th quarter valued at $182,500,000. William Blair Investment Management LLC purchased a new stake in Planet Fitness during the 2nd quarter valued at $166,978,000. Greenvale Capital LLP increased its stake in Planet Fitness by 291.3% in the fourth quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock worth $127,103,000 after purchasing an additional 1,296,140 shares during the period. Norges Bank purchased a new stake in Planet Fitness in the fourth quarter worth $65,674,000. Finally, Steadfast Capital Management LP increased its stake in Planet Fitness by 97.7% in the first 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 period. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Planet Fitness Price Performance

Shares of PLNT stock opened at $83.51 on Wednesday. Planet Fitness, Inc. has a 1-year low of $44.13 and a 1-year high of $85.08. The stock’s 50-day moving average is $79.08 and its 200 day moving average is $70.23. The company has a market cap of $7.36 billion, a P/E ratio of 47.99, a PEG ratio of 2.77 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share 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 last year, the company earned $0.65 earnings per share. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, analysts anticipate that Planet Fitness, Inc. will post 2.44 EPS for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on PLNT shares. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and increased their target price for the stock from $62.00 to $100.00 in a research note on Monday, June 10th. Piper Sandler increased their target price on Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Royal Bank of Canada increased their target price on Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and increased their target price for the stock from $66.00 to $92.00 in a research note on Monday, June 24th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $92.00 target price on shares of Planet Fitness in a research note on Monday, August 26th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $85.93.

Insider Activity at Planet Fitness

In related news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total transaction of $497,153.36. Following the sale, 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 filing with the SEC, which is available through the SEC website. 5.94% of the stock is owned by corporate insiders.

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.