Planet Fitness Inc (NYSE:PLNT) was the target of a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 3,769,300 shares, a decline of 14.5% from the May 30th total of 4,409,500 shares. Based on an average trading volume of 1,590,000 shares, the short-interest ratio is presently 2.4 days. Currently, 4.5% of the company’s shares are short sold.
A number of large investors have recently added to or reduced their stakes in PLNT. PNC Financial Services Group Inc. lifted its stake 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 worth $45,000 after acquiring an additional 638 shares during the period. Synovus Financial Corp lifted its position in shares of Planet Fitness by 228.3% during the first quarter. Synovus Financial Corp now owns 719 shares of the company’s stock valued at $49,000 after buying an additional 500 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of Planet Fitness by 30.6% during the fourth quarter. Bessemer Group Inc. now owns 1,127 shares of the company’s stock valued at $60,000 after buying an additional 264 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in shares of Planet Fitness during the first quarter valued at about $73,000. Finally, Meeder Asset Management Inc. lifted its position in shares of Planet Fitness by 88.8% during the first quarter. Meeder Asset Management Inc. now owns 1,076 shares of the company’s stock valued at $74,000 after buying an additional 506 shares during the last quarter. 93.81% of the stock is owned by institutional investors.
A number of research analysts have weighed in on the stock. Cowen reiterated an “outperform” rating and set a $41.00 price objective (down previously from $42.00) on shares of American Airlines Group in a research report on Monday, April 29th. Bank of America restated a “buy” rating and issued a $105.00 price target (up from $100.00) on shares of Zendesk in a report on Wednesday, May 1st. Jefferies Financial Group upped their price target on shares of Monster Beverage from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. ValuEngine cut shares of Zosano Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Finally, Zacks Investment Research upgraded shares of Garrett Motion from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $69.50.
Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. Planet Fitness had a net margin of 15.91% and a negative return on equity of 53.73%. The company had revenue of $148.82 million during the quarter, compared to analyst estimates of $153.41 million. During the same period in the prior year, the firm earned $0.27 earnings per share. The firm’s revenue for the quarter was up 22.7% compared to the same quarter last year. Research analysts predict that Planet Fitness will post 1.55 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 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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