Granite Bay Wealth Management LLC Invests $1.39 Million in Planet Fitness, Inc. (NYSE:PLNT)

Granite Bay Wealth Management LLC purchased a new stake in shares of Planet Fitness, Inc. (NYSE:PLNT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 18,900 shares of the company’s stock, valued at approximately $1,391,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Fidelis Capital Partners LLC acquired a new stake in shares of Planet Fitness in the first quarter worth about $27,000. GAMMA Investing LLC lifted its stake in shares of Planet Fitness by 478.8% in the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $28,000 after buying an additional 316 shares during the last quarter. LRI Investments LLC boosted its holdings in shares of Planet Fitness by 61.2% during the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after buying an additional 153 shares during the period. Quarry LP grew its stake in Planet Fitness by 174.7% in the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock valued at $37,000 after buying an additional 318 shares during the last quarter. Finally, Dnca Finance bought a new position in Planet Fitness in the 2nd quarter worth $82,000. Institutional investors and hedge funds own 95.53% of the company’s stock.

Insider Buying and Selling

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total value of $497,153.36. Following the completion of the transaction, the chief accounting officer now owns 6,778 shares in the company, valued at approximately $524,549.42. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.94% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PLNT has been the subject of a number of research analyst reports. DA Davidson reiterated a “neutral” rating and set a $62.00 price target on shares of Planet Fitness in a report on Friday, June 14th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Planet Fitness in a research note on Friday. They set a “hold” rating and a $71.00 target price for the company. Bank of America raised their price target on shares of Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. BMO Capital Markets reaffirmed an “outperform” rating and set a $87.00 price objective (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. Finally, TD Cowen upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and increased their target price for the company from $66.00 to $92.00 in a research note on Monday, June 24th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.93.

Planet Fitness Stock Performance

Shares of NYSE PLNT opened at $81.22 on Tuesday. Planet Fitness, Inc. has a 52-week low of $46.50 and a 52-week high of $85.08. The business has a fifty day moving average of $79.48 and a two-hundred day moving average of $70.76. The stock has a market cap of $6.92 billion, a PE ratio of 46.68, a PEG ratio of 2.79 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $300.94 million for the quarter, compared to analyst estimates of $290.17 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 earnings per share. Analysts predict that Planet Fitness, Inc. will post 2.44 earnings per share for the current year.

About Planet Fitness

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.