Verdence Capital Advisors LLC Makes New Investment in Planet Fitness, Inc. (NYSE:PLNT)

Verdence Capital Advisors LLC acquired a new stake in Planet Fitness, Inc. (NYSE:PLNT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,755 shares of the company’s stock, valued at approximately $201,000.

A number of other institutional investors have also modified their holdings of the company. Allworth Financial LP lifted its stake in shares of Planet Fitness by 247.6% during the fourth quarter. Allworth Financial LP now owns 358 shares of the company’s stock worth $26,000 after purchasing an additional 255 shares in the last quarter. McGlone Suttner Wealth Management Inc. purchased a new position in Planet Fitness in the 4th quarter worth approximately $47,000. CWM LLC grew its position in Planet Fitness by 109.5% in the third quarter. CWM LLC now owns 1,460 shares of the company’s stock valued at $72,000 after acquiring an additional 763 shares in the last quarter. Covestor Ltd raised its stake in shares of Planet Fitness by 19.5% during the third quarter. Covestor Ltd now owns 1,460 shares of the company’s stock valued at $72,000 after purchasing an additional 238 shares during the period. Finally, Asset Management One Co. Ltd. lifted its position in shares of Planet Fitness by 17.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock worth $73,000 after purchasing an additional 148 shares in the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PLNT shares. Piper Sandler boosted their price objective on shares of Planet Fitness from $88.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, January 11th. Royal Bank of Canada lifted their price objective on Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. Morgan Stanley reiterated an “overweight” rating and set a $79.00 target price on shares of Planet Fitness in a research note on Monday, April 1st. StockNews.com upgraded shares of Planet Fitness from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Planet Fitness from $75.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, February 26th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Planet Fitness has an average rating of “Moderate Buy” and a consensus target price of $71.00.

Planet Fitness Price Performance

Shares of NYSE PLNT opened at $60.45 on Wednesday. The firm has a market capitalization of $5.33 billion, a PE ratio of 37.31, a P/E/G ratio of 1.93 and a beta of 1.39. Planet Fitness, Inc. has a 1-year low of $44.13 and a 1-year high of $84.48. The business’s fifty day moving average price is $62.43 and its two-hundred day moving average price is $64.66.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Thursday, February 22nd. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The business had revenue of $285.10 million for the quarter, compared to analysts’ expectations of $282.35 million. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.53 EPS. Equities research analysts expect that Planet Fitness, Inc. will post 2.48 earnings per share for the current fiscal year.

About Planet Fitness

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.