Planet Fitness, Inc. (NYSE:PLNT) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its stake in Planet Fitness, Inc. (NYSE:PLNT) by 11.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 165,896 shares of the company’s stock after selling 20,911 shares during the period. Envestnet Asset Management Inc. owned about 0.20% of Planet Fitness worth $16,402,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PLNT. Tidal Investments LLC grew its position in Planet Fitness by 132.5% in the 3rd quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock valued at $2,352,000 after buying an additional 16,503 shares during the last quarter. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Planet Fitness during the fourth quarter worth about $3,378,000. AMJ Financial Wealth Management purchased a new position in Planet Fitness during the fourth quarter worth about $495,000. Nkcfo LLC purchased a new position in Planet Fitness during the fourth quarter worth about $1,088,000. Finally, Artemis Investment Management LLP acquired a new stake in Planet Fitness in the fourth quarter valued at about $18,767,000. 95.53% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PLNT. BMO Capital Markets increased their target price on Planet Fitness from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, March 31st. Piper Sandler increased their price objective on Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Canaccord Genuity Group began coverage on Planet Fitness in a report on Thursday, March 13th. They set a “buy” rating and a $120.00 price objective for the company. DA Davidson reissued a “neutral” rating and issued a $87.00 target price on shares of Planet Fitness in a report on Tuesday, January 21st. Finally, Stifel Nicolaus dropped their target price on shares of Planet Fitness from $90.00 to $82.00 and set a “hold” rating for the company in a report on Friday, February 28th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $101.72.

Planet Fitness Price Performance

PLNT opened at $96.23 on Wednesday. The stock has a market capitalization of $8.15 billion, a price-to-earnings ratio of 51.73, a price-to-earnings-growth 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 business has a 50-day moving average of $97.17 and a two-hundred day moving average of $95.85.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.62 by $0.08. The firm had revenue of $340.50 million during the quarter, compared to analyst estimates of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. Planet Fitness’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 earnings per share. Equities research analysts anticipate that Planet Fitness, Inc. will post 2.51 earnings per share for the current 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.