Arrowstreet Capital Limited Partnership Cuts Position in Planet Fitness, Inc. (NYSE:PLNT)

Arrowstreet Capital Limited Partnership trimmed its holdings in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 45.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 256,106 shares of the company's stock after selling 209,785 shares during the period. Arrowstreet Capital Limited Partnership owned 0.30% of Planet Fitness worth $25,321,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PLNT. Corient Private Wealth LLC increased its stake in Planet Fitness by 2.1% in the 4th quarter. Corient Private Wealth LLC now owns 4,623 shares of the company's stock valued at $457,000 after buying an additional 94 shares during the period. M&T Bank Corp boosted its holdings in shares of Planet Fitness by 2.6% in the third quarter. M&T Bank Corp now owns 4,947 shares of the company's stock valued at $402,000 after acquiring an additional 124 shares in the last quarter. Cetera Trust Company N.A increased its stake in shares of Planet Fitness by 5.2% during the fourth quarter. Cetera Trust Company N.A now owns 2,710 shares of the company's stock worth $268,000 after acquiring an additional 135 shares during the period. UMB Bank n.a. increased its stake in shares of Planet Fitness by 67.4% during the fourth quarter. UMB Bank n.a. now owns 390 shares of the company's stock worth $39,000 after acquiring an additional 157 shares during the period. Finally, Truist Financial Corp raised its holdings in Planet Fitness by 1.3% during the fourth quarter. Truist Financial Corp now owns 12,632 shares of the company's stock worth $1,249,000 after purchasing an additional 161 shares in the last quarter. Institutional investors and hedge funds own 95.53% of the company's stock.

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Planet Fitness Stock Performance

Planet Fitness stock traded down $1.61 during midday trading on Tuesday, reaching $90.69. 1,283,327 shares of the company were exchanged, compared to its average volume of 1,454,802. The firm's 50-day simple moving average is $98.62 and its 200-day simple moving average is $95.38. Planet Fitness, Inc. has a 1 year low of $57.64 and a 1 year high of $110.00. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 48.76, a P/E/G ratio of 2.45 and a beta of 1.39.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. The business had revenue of $340.50 million during the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company's quarterly revenue was up 19.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 earnings per share. On average, analysts forecast that Planet Fitness, Inc. will post 2.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Macquarie dropped their target price on Planet Fitness from $99.00 to $95.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group initiated coverage on Planet Fitness in a research report on Thursday, March 13th. They issued a "buy" rating and a $120.00 price objective for the company. Piper Sandler boosted their target price on shares of Planet Fitness from $115.00 to $123.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Roth Mkm reiterated a "buy" rating and issued a $115.00 price target (up previously from $110.00) on shares of Planet Fitness in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Planet Fitness from $90.00 to $100.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $101.44.

Planet Fitness Company 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.