Exchange Traded Concepts LLC Makes New Investment in Planet Fitness, Inc. $PLNT

Exchange Traded Concepts LLC acquired a new stake in shares of Planet Fitness, Inc. (NYSE:PLNT) during the third quarter, according to its most recent filing with the SEC. The fund acquired 7,724 shares of the company’s stock, valued at approximately $802,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Ninety One UK Ltd grew its holdings in Planet Fitness by 35.7% during the 2nd quarter. Ninety One UK Ltd now owns 2,883,906 shares of the company’s stock valued at $314,490,000 after buying an additional 759,227 shares in the last quarter. Invesco Ltd. boosted its position in shares of Planet Fitness by 15.0% in the second quarter. Invesco Ltd. now owns 2,543,501 shares of the company’s stock valued at $277,369,000 after acquiring an additional 332,362 shares during the period. Dorsal Capital Management LP grew its stake in Planet Fitness by 7.6% during the second quarter. Dorsal Capital Management LP now owns 2,475,000 shares of the company’s stock valued at $269,899,000 after acquiring an additional 175,000 shares in the last quarter. Geode Capital Management LLC increased its holdings in Planet Fitness by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,581,406 shares of the company’s stock worth $172,479,000 after acquiring an additional 57,103 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Planet Fitness by 8.2% during the 2nd quarter. Franklin Resources Inc. now owns 1,559,976 shares of the company’s stock worth $170,115,000 after acquiring an additional 117,989 shares during the period. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PLNT shares. JPMorgan Chase & Co. boosted their price target on shares of Planet Fitness from $108.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. UBS Group assumed coverage on Planet Fitness in a research report on Friday, October 17th. They set a “buy” rating and a $125.00 target price for the company. Jefferies Financial Group restated a “buy” rating on shares of Planet Fitness in a research note on Wednesday, September 24th. Macquarie lifted their price target on Planet Fitness from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Planet Fitness in a report on Monday, December 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $119.92.

Planet Fitness Stock Down 0.8%

PLNT opened at $109.06 on Monday. The business’s fifty day simple moving average is $104.58 and its 200 day simple moving average is $104.80. Planet Fitness, Inc. has a 52 week low of $87.72 and a 52 week high of $114.47. The stock has a market cap of $9.08 billion, a PE ratio of 44.52, a P/E/G ratio of 2.43 and a beta of 1.27.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.08. The firm had revenue of $330.35 million during the quarter, compared to analysts’ expectations of $323.95 million. Planet Fitness had a negative return on equity of 126.58% and a net margin of 15.97%.The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 EPS. Planet Fitness has set its FY 2025 guidance at 3.000-3.030 EPS. As a group, equities analysts anticipate that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Planet Fitness Company Profile

Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.

The company operates through a network of franchised and company-owned clubs.