Planet Fitness, Inc. (NYSE:PLNT) Shares Sold by California Public Employees Retirement System

Posted by on May 14th, 2023

California Public Employees Retirement System lessened its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT – Get Rating) by 4.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 186,277 shares of the company’s stock after selling 9,004 shares during the quarter. California Public Employees Retirement System owned 0.21% of Planet Fitness worth $14,679,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PLNT. BlackRock Inc. boosted its position in Planet Fitness by 0.9% during the 3rd quarter. BlackRock Inc. now owns 8,723,313 shares of the company’s stock valued at $502,985,000 after purchasing an additional 80,705 shares during the period. Alliancebernstein L.P. raised its stake in Planet Fitness by 6.7% during the 3rd quarter. Alliancebernstein L.P. now owns 3,021,165 shares of the company’s stock valued at $174,200,000 after acquiring an additional 190,817 shares in the last quarter. Bares Capital Management Inc. raised its stake in Planet Fitness by 40.0% during the 3rd quarter. Bares Capital Management Inc. now owns 2,014,197 shares of the company’s stock valued at $116,139,000 after acquiring an additional 575,627 shares in the last quarter. Federated Hermes Inc. raised its stake in Planet Fitness by 3.5% during the 3rd quarter. Federated Hermes Inc. now owns 1,824,354 shares of the company’s stock valued at $105,192,000 after acquiring an additional 61,018 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Planet Fitness by 38.9% during the 1st quarter. Invesco Ltd. now owns 1,700,236 shares of the company’s stock valued at $143,636,000 after acquiring an additional 476,578 shares in the last quarter. Institutional investors and hedge funds own 94.56% of the company’s stock.

Planet Fitness Trading Down 1.6 %

PLNT stock opened at $68.20 on Friday. The business’s 50-day moving average price is $76.53 and its two-hundred day moving average price is $77.01. The firm has a market cap of $6.10 billion, a PE ratio of 54.56, a P/E/G ratio of 1.30 and a beta of 1.30. Planet Fitness, Inc. has a 1-year low of $54.15 and a 1-year high of $85.90.

Planet Fitness (NYSE:PLNT – Get Rating) last posted its earnings results on Thursday, May 4th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.05). The business had revenue of $222.23 million for the quarter, compared to the consensus estimate of $238.30 million. Planet Fitness had a negative return on equity of 68.11% and a net margin of 10.86%. The business’s revenue was up 19.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 earnings per share. On average, analysts forecast that Planet Fitness, Inc. will post 2.18 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on PLNT shares. BMO Capital Markets cut their target price on Planet Fitness from $90.00 to $82.00 in a research note on Friday, May 5th. Cowen upped their price target on Planet Fitness from $90.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, February 27th. VNET Group restated a “maintains” rating on shares of Planet Fitness in a research note on Friday, May 5th. DA Davidson lowered their target price on Planet Fitness from $87.00 to $67.00 in a research note on Monday, May 8th. Finally, Stifel Nicolaus lowered their target price on Planet Fitness from $93.00 to $78.00 in a research note on Friday, May 5th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $86.36.

About Planet Fitness

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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.

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

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