Planet Fitness, Inc. (NYSE:PLNT) Short Interest Down 25.8% in November

Planet Fitness, Inc. (NYSE:PLNT) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 2,820,000 shares, a drop of 25.8% from the October 31st total of 3,800,000 shares. Based on an average daily trading volume, of 1,160,000 shares, the days-to-cover ratio is currently 2.4 days.

Planet Fitness Trading Down 1.5 %

Shares of PLNT traded down $1.47 during midday trading on Friday, reaching $99.55. 404,195 shares of the company were exchanged, compared to its average volume of 1,338,169. Planet Fitness has a 1-year low of $54.35 and a 1-year high of $102.81. The stock has a 50-day moving average price of $86.75 and a 200-day moving average price of $78.73. The company has a market cap of $8.42 billion, a price-to-earnings ratio of 53.52, a P/E/G ratio of 3.31 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. The firm had revenue of $292.20 million during the quarter, compared to analysts’ expectations of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. Planet Fitness’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.59 EPS. Equities research analysts anticipate that Planet Fitness will post 2.5 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PLNT. BNP Paribas raised Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price target on the stock in a research note on Thursday, September 5th. Stifel Nicolaus raised their price target on Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley upped their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. raised their target price on shares of Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Macquarie restated a “neutral” rating and issued a $99.00 target price (up from $91.00) on shares of Planet Fitness in a report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $93.38.

Insider Activity

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the transaction, the insider now owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. This trade represents a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

A number of institutional investors have recently made changes to their positions in PLNT. M&T Bank Corp lifted its holdings in Planet Fitness by 2.6% during the 3rd quarter. M&T Bank Corp now owns 4,947 shares of the company’s stock worth $402,000 after buying an additional 124 shares during the last quarter. Verdence Capital Advisors LLC lifted its stake in Planet Fitness by 4.5% during the third quarter. Verdence Capital Advisors LLC now owns 3,047 shares of the company’s stock worth $247,000 after purchasing an additional 132 shares during the last quarter. LRI Investments LLC increased its stake in Planet Fitness by 61.2% during the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after purchasing an additional 153 shares during the last quarter. Creative Planning raised its holdings in shares of Planet Fitness by 2.1% during the third quarter. Creative Planning now owns 9,144 shares of the company’s stock worth $743,000 after purchasing an additional 192 shares during the period. Finally, Louisiana State Employees Retirement System lifted its position in shares of Planet Fitness by 0.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company’s stock worth $1,825,000 after buying an additional 200 shares during the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

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.