Verdence Capital Advisors LLC Takes Position in Planet Fitness, Inc. (NYSE:PLNT)

Verdence Capital Advisors LLC bought a new position in shares of Planet Fitness, Inc. (NYSE:PLNT) in the fourth quarter, HoldingsChannel reports. The firm bought 2,755 shares of the company’s stock, valued at approximately $201,000.

Other hedge funds have also recently bought and sold shares of the company. Asset Management One Co. Ltd. increased 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 acquiring an additional 148 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Planet Fitness by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 37,433 shares of the company’s stock worth $1,841,000 after purchasing an additional 190 shares during the period. Covestor Ltd increased its holdings in Planet Fitness by 19.5% during the 3rd quarter. Covestor Ltd now owns 1,460 shares of the company’s stock worth $72,000 after purchasing an additional 238 shares in the last quarter. Allworth Financial LP raised its stake in shares of Planet Fitness by 247.6% in the 4th quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after purchasing an additional 255 shares during the period. Finally, Arizona State Retirement System lifted its holdings in shares of Planet Fitness by 1.1% in the third quarter. Arizona State Retirement System now owns 24,190 shares of the company’s stock valued at $1,190,000 after purchasing an additional 259 shares in the last quarter. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Planet Fitness Price Performance

PLNT stock opened at $60.45 on Wednesday. Planet Fitness, Inc. has a one year low of $44.13 and a one year high of $84.48. The stock has a market cap of $5.33 billion, a price-to-earnings ratio of 37.31, a price-to-earnings-growth ratio of 1.93 and a beta of 1.39. The company has a fifty day moving average price of $62.43 and a two-hundred day moving average price of $64.66.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Thursday, February 22nd. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. The business had revenue of $285.10 million during the quarter, compared to the consensus estimate of $282.35 million. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. Planet Fitness’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 EPS. Research analysts anticipate that Planet Fitness, Inc. will post 2.48 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PLNT shares. Royal Bank of Canada increased 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. JPMorgan Chase & Co. reduced their target price on shares of Planet Fitness from $75.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, February 26th. Piper Sandler lifted their price target on shares of Planet Fitness from $88.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, January 11th. DA Davidson restated a “neutral” rating and set a $62.00 price objective on shares of Planet Fitness in a research note on Monday, February 5th. Finally, StockNews.com upgraded Planet Fitness from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.00.

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.