Sheets Smith Wealth Management Grows Stock Position in Planet Fitness Inc (NYSE:PLNT)

Sheets Smith Wealth Management grew its stake in Planet Fitness Inc (NYSE:PLNT) by 36.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,536 shares of the company’s stock after purchasing an additional 2,269 shares during the period. Sheets Smith Wealth Management’s holdings in Planet Fitness were worth $587,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in PLNT. Granite Investment Partners LLC acquired a new stake in shares of Planet Fitness during the 4th quarter worth about $947,000. Bank of America Corp DE increased its position in shares of Planet Fitness by 0.3% during the 4th quarter. Bank of America Corp DE now owns 887,277 shares of the company’s stock worth $47,576,000 after purchasing an additional 3,040 shares during the last quarter. Vanguard Group Inc increased its position in shares of Planet Fitness by 3.4% during the 3rd quarter. Vanguard Group Inc now owns 8,597,408 shares of the company’s stock worth $464,518,000 after purchasing an additional 280,726 shares during the last quarter. Pelham Capital Ltd. acquired a new stake in shares of Planet Fitness during the 1st quarter worth about $44,047,000. Finally, Rhumbline Advisers increased its position in shares of Planet Fitness by 47.6% during the 4th quarter. Rhumbline Advisers now owns 117,185 shares of the company’s stock worth $6,283,000 after purchasing an additional 37,787 shares during the last quarter. Institutional investors and hedge funds own 93.81% of the company’s stock.

A number of analysts recently issued reports on PLNT shares. Zacks Investment Research downgraded Planet Fitness from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Raymond James started coverage on Planet Fitness in a research report on Wednesday. They issued an “outperform” rating and a $80.00 target price for the company. ValuEngine downgraded Planet Fitness from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 1st. Robert W. Baird lifted their target price on Planet Fitness from $70.00 to $75.00 and gave the company a “positive” rating in a research report on Tuesday, April 2nd. Finally, Bank of America reaffirmed a “buy” rating and issued a $86.00 target price (up from $72.00) on shares of Planet Fitness in a research report on Wednesday, May 1st. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Planet Fitness has an average rating of “Buy” and a consensus target price of $69.50.

PLNT stock traded down $0.69 during trading on Friday, hitting $72.44. 11,121,603 shares of the company’s stock were exchanged, compared to its average volume of 1,503,910. The firm has a market capitalization of $6.81 billion, a PE ratio of 59.38, a price-to-earnings-growth ratio of 2.19 and a beta of 0.72. Planet Fitness Inc has a 52-week low of $43.03 and a 52-week high of $81.90. The firm’s 50-day moving average price is $77.12.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $148.82 million for the quarter, compared to analyst estimates of $153.41 million. Planet Fitness had a negative return on equity of 53.73% and a net margin of 15.91%. The firm’s revenue was up 22.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 earnings per share. Equities research analysts predict that Planet Fitness Inc will post 1.55 EPS 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 name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

Further Reading: What are different types of coverage ratios?

Institutional Ownership by Quarter for Planet Fitness (NYSE:PLNT)

Receive News & Ratings for Planet Fitness Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Planet Fitness and related companies with MarketBeat.com's FREE daily email newsletter.