Insight Wealth Strategies LLC Takes $541,000 Position in Planet Fitness Inc (NYSE:PLNT)

Insight Wealth Strategies LLC bought a new stake in Planet Fitness Inc (NYSE:PLNT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,467 shares of the company’s stock, valued at approximately $541,000.

A number of other hedge funds have also recently bought and sold shares of PLNT. PNC Financial Services Group Inc. lifted its holdings in Planet Fitness by 4,557.1% in the first quarter. PNC Financial Services Group Inc. now owns 652 shares of the company’s stock valued at $45,000 after acquiring an additional 638 shares during the period. Synovus Financial Corp lifted its holdings in Planet Fitness by 228.3% in the first quarter. Synovus Financial Corp now owns 719 shares of the company’s stock valued at $49,000 after acquiring an additional 500 shares during the period. Quantamental Technologies LLC bought a new position in Planet Fitness in the first quarter valued at about $73,000. Meeder Asset Management Inc. lifted its holdings in Planet Fitness by 88.8% in the first quarter. Meeder Asset Management Inc. now owns 1,076 shares of the company’s stock valued at $74,000 after acquiring an additional 506 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in Planet Fitness in the second quarter valued at about $80,000. 88.05% of the stock is currently owned by institutional investors.

PLNT traded down $0.31 during midday trading on Friday, reaching $66.93. The company had a trading volume of 11,234 shares, compared to its average volume of 1,267,852. The business has a 50-day moving average of $74.93 and a two-hundred day moving average of $71.56. The company has a market cap of $6.16 billion, a P/E ratio of 54.84, a P/E/G ratio of 1.96 and a beta of 0.59. Planet Fitness Inc has a 1 year low of $44.97 and a 1 year high of $81.90.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $181.66 million during the quarter, compared to analysts’ expectations of $167.91 million. Planet Fitness had a negative return on equity of 46.45% and a net margin of 16.29%. The business’s quarterly revenue was up 29.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.34 earnings per share. Research analysts forecast that Planet Fitness Inc will post 1.57 EPS for the current fiscal year.

A number of research analysts have weighed in on PLNT shares. Zacks Investment Research downgraded Planet Fitness from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Piper Jaffray Companies increased their target price on Planet Fitness from $70.00 to $84.00 and gave the company an “overweight” rating in a report on Monday, April 29th. They noted that the move was a valuation call. Bank of America reissued a “buy” rating and issued a $86.00 target price (up previously from $72.00) on shares of Planet Fitness in a report on Wednesday, May 1st. Imperial Capital reissued an “in-line” rating and issued a $72.50 target price (up previously from $55.00) on shares of Planet Fitness in a report on Friday, August 9th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $80.00 target price (up previously from $75.00) on shares of Planet Fitness in a report on Monday, April 29th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $76.12.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

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

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