Park Avenue Securities LLC Lowers Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Park Avenue Securities LLC lowered its stake in shares of Planet Fitness, Inc. (NYSE:PLNT) by 14.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,064 shares of the company’s stock after selling 1,189 shares during the quarter. Park Avenue Securities LLC’s holdings in Planet Fitness were worth $574,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PLNT. Wellington Management Group LLP purchased a new stake in Planet Fitness in the fourth quarter valued at approximately $19,749,000. Vanguard Group Inc. boosted its holdings in shares of Planet Fitness by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 8,076,794 shares of the company’s stock valued at $589,606,000 after purchasing an additional 196,809 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Planet Fitness by 58.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,530 shares of the company’s stock valued at $185,000 after buying an additional 931 shares during the period. Diversified Trust Co increased its holdings in shares of Planet Fitness by 1.5% during the 1st quarter. Diversified Trust Co now owns 20,564 shares of the company’s stock worth $1,288,000 after buying an additional 308 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Planet Fitness by 5.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 223,841 shares of the company’s stock worth $14,019,000 after buying an additional 10,564 shares during the period. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Planet Fitness Trading Up 0.6 %

PLNT stock opened at $80.91 on Friday. The firm has a 50 day simple moving average of $80.79 and a 200-day simple moving average of $72.02. The company has a market capitalization of $6.89 billion, a P/E ratio of 44.46, a PEG ratio of 2.69 and a beta of 1.49. Planet Fitness, Inc. has a twelve month low of $50.08 and a twelve month high of $85.08.

Planet Fitness (NYSE:PLNT) last released its earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The company had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. During the same quarter in the previous year, the firm earned $0.65 EPS. The company’s revenue was up 5.1% on a year-over-year basis. On average, research analysts predict that Planet Fitness, Inc. will post 2.44 EPS for the current year.

Insider Buying and Selling at Planet Fitness

In other news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total value of $497,153.36. Following the completion of the transaction, the chief accounting officer now owns 6,778 shares in the company, valued at approximately $524,549.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.94% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and boosted their price target for the company from $66.00 to $92.00 in a research report on Monday, June 24th. JPMorgan Chase & Co. boosted their target price on Planet Fitness from $78.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Morgan Stanley restated an “overweight” rating and issued a $79.00 price target on shares of Planet Fitness in a report on Friday, June 14th. Royal Bank of Canada boosted their price objective on shares of Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler raised their target price on shares of Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $84.93.

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.