Algert Global LLC Increases Stock Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Algert Global LLC lifted its stake in shares of Planet Fitness, Inc. (NYSE:PLNT) by 411.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,834 shares of the company’s stock after buying an additional 25,614 shares during the period. Algert Global LLC’s holdings in Planet Fitness were worth $2,343,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of PLNT. Fidelis Capital Partners LLC purchased a new position in shares of Planet Fitness during the first quarter valued at approximately $27,000. GAMMA Investing LLC boosted its position in Planet Fitness by 478.8% in the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $28,000 after purchasing an additional 316 shares during the last quarter. LRI Investments LLC boosted its position in Planet Fitness by 61.2% in the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after purchasing an additional 153 shares during the last quarter. Dnca Finance purchased a new position in Planet Fitness in the second quarter worth $82,000. Finally, Headlands Technologies LLC purchased a new position in Planet Fitness in the first quarter worth $148,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on PLNT. Deutsche Bank Aktiengesellschaft began coverage on Planet Fitness in a research report on Friday, September 27th. They issued a “hold” rating and a $71.00 price objective on the stock. BNP Paribas raised Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price objective on the stock in a research report on Thursday, September 5th. Roth Mkm boosted their price objective on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $66.00 to $92.00 in a research report on Monday, June 24th. Finally, JPMorgan Chase & Co. boosted their price objective on Planet Fitness from $78.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. 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 stock. According to data from MarketBeat, Planet Fitness has an average rating of “Moderate Buy” and a consensus price target of $84.93.

Planet Fitness Stock Performance

NYSE:PLNT opened at $82.54 on Thursday. Planet Fitness, Inc. has a 52-week low of $46.50 and a 52-week high of $85.08. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 47.44, a PEG ratio of 2.69 and a beta of 1.49. The business’s fifty day moving average is $79.58 and its 200 day moving average is $70.91.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data 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 analyst estimates of $290.17 million. During the same period in the previous year, the company posted $0.65 EPS. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. Equities analysts predict that Planet Fitness, Inc. will post 2.44 EPS for the current fiscal year.

Insider Activity at Planet Fitness

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total value of $497,153.36. Following the transaction, the chief accounting officer now directly owns 6,778 shares in the company, valued at approximately $524,549.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.94% of the stock is currently 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.