Elwood Capital Partners LP Makes New Investment in Planet Fitness, Inc. (NYSE:PLNT)

Elwood Capital Partners LP bought a new position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 46,505 shares of the company's stock, valued at approximately $4,598,000. Planet Fitness makes up 4.5% of Elwood Capital Partners LP's holdings, making the stock its 6th biggest holding. Elwood Capital Partners LP owned 0.05% of Planet Fitness at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Planet Fitness by 666.9% in the third quarter. FMR LLC now owns 795,485 shares of the company's stock valued at $64,609,000 after purchasing an additional 691,761 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Planet Fitness during the 3rd quarter worth about $1,990,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Planet Fitness by 8.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,448 shares of the company's stock valued at $1,255,000 after acquiring an additional 1,210 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Planet Fitness in the third quarter valued at about $200,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Planet Fitness in the third quarter worth about $478,000. 95.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PLNT. Stifel Nicolaus dropped their target price on Planet Fitness from $90.00 to $82.00 and set a "hold" rating for the company in a report on Friday, February 28th. Canaccord Genuity Group started 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. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $120.00 price target on shares of Planet Fitness in a report on Monday, February 24th. Guggenheim reaffirmed a "buy" rating and issued a $105.00 target price on shares of Planet Fitness in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Planet Fitness from $90.00 to $100.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $101.44.

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Planet Fitness Stock Down 4.9 %

Planet Fitness stock traded down $4.74 during mid-day trading on Friday, hitting $92.68. 1,598,845 shares of the stock were exchanged, compared to its average volume of 1,576,691. The stock has a market capitalization of $7.85 billion, a price-to-earnings ratio of 49.83, a PEG ratio of 2.45 and a beta of 1.39. Planet Fitness, Inc. has a 12 month low of $57.64 and a 12 month high of $110.00. The firm's fifty day simple moving average is $99.75 and its two-hundred day simple moving average is $95.06.

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

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.