Bank of America Corp DE Reduces Stock Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Bank of America Corp DE trimmed its position in Planet Fitness, Inc. (NYSE:PLNT) by 15.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 362,527 shares of the company’s stock after selling 68,014 shares during the period. Bank of America Corp DE owned about 0.43% of Planet Fitness worth $35,843,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Arkadios Wealth Advisors raised its stake in shares of Planet Fitness by 26.6% in the fourth quarter. Arkadios Wealth Advisors now owns 10,984 shares of the company’s stock worth $1,086,000 after buying an additional 2,305 shares during the period. Artemis Investment Management LLP bought a new position in shares of Planet Fitness in the fourth quarter worth about $18,767,000. UMB Bank n.a. raised its stake in shares of Planet Fitness by 67.4% in the fourth quarter. UMB Bank n.a. now owns 390 shares of the company’s stock worth $39,000 after buying an additional 157 shares during the period. Beaumont Financial Advisors LLC bought a new position in shares of Planet Fitness in the fourth quarter worth about $202,000. Finally, Cetera Trust Company N.A raised its stake in shares of Planet Fitness by 5.2% in the fourth quarter. Cetera Trust Company N.A now owns 2,710 shares of the company’s stock worth $268,000 after buying an additional 135 shares during the period. 95.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on PLNT. JPMorgan Chase & Co. raised their price objective on Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Guggenheim reissued a “buy” rating and set a $110.00 target price on shares of Planet Fitness in a research note on Monday. Canaccord Genuity Group assumed coverage on Planet Fitness in a research note on Thursday, March 13th. They set a “buy” rating and a $120.00 target price on the stock. BMO Capital Markets lifted their target price on Planet Fitness from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, March 31st. Finally, Roth Mkm reissued a “buy” rating and set a $115.00 target price (up previously from $110.00) on shares of Planet Fitness in a research note on Wednesday, February 26th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.00.

Planet Fitness Price Performance

NYSE:PLNT opened at $98.02 on Friday. Planet Fitness, Inc. has a 1 year low of $60.56 and a 1 year high of $110.00. The stock’s 50 day simple moving average is $96.35 and its two-hundred day simple moving average is $98.06. The company has a market cap of $8.30 billion, a price-to-earnings ratio of 52.70, a PEG ratio of 2.45 and a beta of 1.33.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Thursday, May 8th. The company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.03). The company had revenue of $276.66 million during the quarter, compared to analysts’ expectations of $279.80 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. Planet Fitness’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 EPS. As a group, analysts anticipate that Planet Fitness, Inc. will post 2.51 EPS for the current 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.