HighTower Advisors LLC Reduces Position in Planet Fitness, Inc. (NYSE:PLNT)

HighTower Advisors LLC lessened its stake in shares of Planet Fitness, Inc. (NYSE:PLNT) by 88.0% during the 4th quarter, Holdings Channel reports. The fund owned 5,386 shares of the company’s stock after selling 39,681 shares during the quarter. HighTower Advisors LLC’s holdings in Planet Fitness were worth $533,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. FMR LLC raised its holdings in Planet Fitness by 666.9% in the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after buying an additional 691,761 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Planet Fitness in the third quarter valued at $1,990,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Planet Fitness by 8.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,448 shares of the company’s stock worth $1,255,000 after purchasing an additional 1,210 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Planet Fitness in the third quarter valued at $200,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Planet Fitness in the third quarter valued at approximately $478,000. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Stock Performance

Shares of NYSE PLNT opened at $96.18 on Friday. Planet Fitness, Inc. has a 1 year low of $57.64 and a 1 year high of $110.00. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of 51.71, a PEG ratio of 2.45 and a beta of 1.54. The stock’s 50-day simple moving average is $100.46 and its 200-day simple moving average is $94.73.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.08. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The firm had revenue of $340.50 million during the quarter, compared to analyst estimates of $324.57 million. During the same period in the previous year, the company earned $0.60 earnings per share. Planet Fitness’s quarterly revenue was up 19.4% on a year-over-year basis. As a group, research analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Canaccord Genuity Group began coverage on Planet Fitness in a research note on Thursday, March 13th. They issued a “buy” rating and a $120.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $120.00 price objective on shares of Planet Fitness in a research note on Monday, February 24th. Guggenheim reissued a “buy” rating and issued a $105.00 target price on shares of Planet Fitness in a research note on Thursday, February 27th. Piper Sandler increased their price target on Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Stifel Nicolaus lowered their target price on shares of Planet Fitness from $90.00 to $82.00 and set a “hold” rating for the company in a report on Friday, February 28th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Planet Fitness has an average rating of “Moderate Buy” and an average target price of $100.17.

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.