Bank of New York Mellon Corp Sells 402,699 Shares of Planet Fitness, Inc. (NYSE:PLNT)

Bank of New York Mellon Corp lowered its stake in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 21.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,507,695 shares of the company's stock after selling 402,699 shares during the period. Bank of New York Mellon Corp owned approximately 1.78% of Planet Fitness worth $149,066,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Concurrent Investment Advisors LLC acquired a new stake in shares of Planet Fitness in the 4th quarter valued at $227,000. Fortis Group Advisors LLC acquired a new stake in Planet Fitness in the fourth quarter valued at about $316,000. Truist Financial Corp grew its position in Planet Fitness by 1.3% in the fourth quarter. Truist Financial Corp now owns 12,632 shares of the company's stock valued at $1,249,000 after acquiring an additional 161 shares during the last quarter. CIBC Asset Management Inc acquired a new position in Planet Fitness during the fourth quarter worth about $255,000. Finally, Nkcfo LLC acquired a new position in Planet Fitness during the fourth quarter worth about $1,088,000. Institutional investors and hedge funds own 95.53% of the company's stock.

Planet Fitness Price Performance

Shares of NYSE:PLNT traded up $3.27 during mid-day trading on Tuesday, hitting $96.33. The company had a trading volume of 1,273,705 shares, compared to its average volume of 1,644,784. Planet Fitness, Inc. has a one year low of $54.35 and a one year high of $110.00. The firm has a fifty day moving average price of $102.00 and a 200 day moving average price of $92.59. The company has a market capitalization of $8.15 billion, a PE ratio of 51.72, a price-to-earnings-growth ratio of 2.45 and a beta of 1.53.

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Planet Fitness (NYSE:PLNT - Get Free Report) last posted its quarterly earnings results 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. The firm 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 business's 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. Research analysts expect that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

PLNT has been the topic of several research reports. Robert W. Baird boosted their price target on Planet Fitness from $92.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. DA Davidson restated a "neutral" rating and issued a $87.00 price target on shares of Planet Fitness in a research report on Tuesday, January 21st. Stifel Nicolaus cut their price target on shares of Planet Fitness from $90.00 to $82.00 and set a "hold" rating on the stock in a report on Friday. Guggenheim restated a "buy" rating and issued a $105.00 price objective on shares of Planet Fitness in a report on Thursday, February 27th. Finally, Piper Sandler lifted their target price on Planet Fitness from $115.00 to $123.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $99.00.

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.