Planet Fitness, Inc. (NYSE:PLNT – Get Rating) was the target of a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 2,870,000 shares, a decrease of 17.8% from the May 15th total of 3,490,000 shares. Based on an average daily trading volume, of 893,100 shares, the days-to-cover ratio is presently 3.2 days.
PLNT has been the subject of a number of analyst reports. BMO Capital Markets lowered their price target on Planet Fitness from $96.00 to $88.00 in a research report on Wednesday, May 11th. TheStreet downgraded Planet Fitness from a “b-” rating to a “c” rating in a research note on Thursday, February 24th. JPMorgan Chase & Co. upgraded Planet Fitness from a “neutral” rating to an “overweight” rating and set a $90.00 price objective for the company in a research note on Wednesday, May 11th. Evercore ISI started coverage on Planet Fitness in a research note on Monday, March 14th. They issued an “outperform” rating and a $130.00 price objective for the company. Finally, Robert W. Baird reduced their price objective on Planet Fitness from $108.00 to $92.00 in a research note on Wednesday, May 11th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $98.91.
A number of hedge funds and other institutional investors have recently modified their holdings of PLNT. Soroban Capital Partners LP boosted its stake in Planet Fitness by 938.3% in the 3rd quarter. Soroban Capital Partners LP now owns 3,196,044 shares of the company’s stock worth $251,049,000 after purchasing an additional 2,888,217 shares during the period. BlackRock Inc. raised its holdings in shares of Planet Fitness by 34.8% in the 1st quarter. BlackRock Inc. now owns 7,184,140 shares of the company’s stock valued at $606,915,000 after acquiring an additional 1,852,867 shares in the last quarter. Artemis Investment Management LLP raised its holdings in shares of Planet Fitness by 225.3% in the 4th quarter. Artemis Investment Management LLP now owns 1,599,934 shares of the company’s stock valued at $144,765,000 after acquiring an additional 1,108,100 shares in the last quarter. Eagle Asset Management Inc. raised its holdings in shares of Planet Fitness by 79.2% in the 4th quarter. Eagle Asset Management Inc. now owns 1,914,220 shares of the company’s stock valued at $174,825,000 after acquiring an additional 846,128 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Planet Fitness in the 4th quarter valued at about $73,431,000. Institutional investors and hedge funds own 93.87% of the company’s stock.
Planet Fitness (NYSE:PLNT – Get Rating) last issued its earnings results on Tuesday, May 10th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Planet Fitness had a negative return on equity of 16.39% and a net margin of 8.11%. The business had revenue of $186.70 million during the quarter, compared to the consensus estimate of $190.44 million. During the same quarter last year, the company earned $0.10 EPS. The firm’s revenue was up 66.8% compared to the same quarter last year. Sell-side analysts expect that Planet Fitness will post 1.55 earnings per share for the current year.
Planet Fitness Company Profile (Get Rating)
Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. It operates through Franchise, Corporate-Owned Stores, and Equipment segments. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.
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