Parallel Advisors LLC Sells 240 Shares of Planet Fitness, Inc. (NYSE:PLNT)

Posted by on May 3rd, 2023

Parallel Advisors LLC lowered its position in Planet Fitness, Inc. (NYSE:PLNT – Get Rating) by 17.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,127 shares of the company’s stock after selling 240 shares during the quarter. Parallel Advisors LLC’s holdings in Planet Fitness were worth $89,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd increased its holdings in shares of Planet Fitness by 144.7% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 536 shares of the company’s stock worth $42,000 after purchasing an additional 317 shares during the period. Global Retirement Partners LLC increased its stake in Planet Fitness by 58.4% in the third quarter. Global Retirement Partners LLC now owns 852 shares of the company’s stock valued at $56,000 after acquiring an additional 314 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Planet Fitness by 59.3% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,032 shares of the company’s stock valued at $81,000 after acquiring an additional 384 shares during the last quarter. Captrust Financial Advisors increased its stake in Planet Fitness by 23.0% in the first quarter. Captrust Financial Advisors now owns 1,172 shares of the company’s stock valued at $99,000 after acquiring an additional 219 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Planet Fitness by 13.4% in the first quarter. PNC Financial Services Group Inc. now owns 1,332 shares of the company’s stock valued at $112,000 after acquiring an additional 157 shares during the last quarter. Institutional investors own 94.56% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on PLNT shares. Raymond James increased their target price on Planet Fitness from $92.00 to $95.00 and gave the company a “strong-buy” rating in a research note on Friday, February 24th. Robert W. Baird upped their price target on shares of Planet Fitness from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Friday, February 24th. DA Davidson restated a “neutral” rating and set a $87.00 price target on shares of Planet Fitness in a research report on Friday, February 24th. Cowen upped their price target on shares of Planet Fitness from $90.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, February 27th. Finally, Piper Sandler upped their price target on shares of Planet Fitness from $96.00 to $98.00 and gave the company an “overweight” rating in a research report on Monday, April 10th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Planet Fitness currently has a consensus rating of “Moderate Buy” and an average target price of $91.08.

Planet Fitness Price Performance

Shares of PLNT opened at $82.63 on Wednesday. Planet Fitness, Inc. has a one year low of $54.15 and a one year high of $85.90. The company has a 50-day simple moving average of $78.07 and a two-hundred day simple moving average of $76.48. The firm has a market capitalization of $7.39 billion, a PE ratio of 70.62, a price-to-earnings-growth ratio of 1.53 and a beta of 1.30.

Planet Fitness (NYSE:PLNT – Get Rating) last issued its quarterly earnings data on Thursday, February 23rd. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.47 by $0.06. Planet Fitness had a net margin of 10.61% and a negative return on equity of 65.39%. The business had revenue of $281.30 million during the quarter, compared to analyst estimates of $271.48 million. During the same period last year, the business posted $0.26 earnings per share. Planet Fitness’s quarterly revenue was up 53.2% compared to the same quarter last year. Analysts expect that Planet Fitness, Inc. will post 2.2 EPS for the current fiscal year.

Planet Fitness Profile

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Planet Fitness, Inc engages in the operation and franchising of fitness centers. It operates through the following segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment includes operations related to the company’s franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, Panama, Mexico, and Australia.

Further Reading

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Institutional Ownership by Quarter for Planet Fitness (NYSE:PLNT)

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