Norges Bank Buys New Stake in Planet Fitness, Inc. (NYSE:PLNT)

Norges Bank purchased a new stake in shares of Planet Fitness, Inc. (NYSE:PLNT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,011,516 shares of the company’s stock, valued at approximately $100,009,000. Norges Bank owned approximately 1.20% of Planet Fitness as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of PLNT. FMR LLC raised its position in shares of Planet Fitness by 666.9% during the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after buying an additional 691,761 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Planet Fitness by 8.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,448 shares of the company’s stock valued at $1,255,000 after purchasing an additional 1,210 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Planet Fitness during the third quarter valued at approximately $200,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Planet Fitness in the 3rd quarter worth approximately $478,000. Finally, Centiva Capital LP bought a new position in shares of Planet Fitness during the 3rd quarter valued at approximately $678,000. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Stock Down 0.8 %

PLNT opened at $95.80 on Wednesday. The company has a market cap of $8.11 billion, a P/E ratio of 51.50, a price-to-earnings-growth ratio of 2.45 and a beta of 1.54. The firm’s 50-day moving average price is $100.06 and its 200-day moving average price is $95.02. Planet Fitness, Inc. has a 52-week low of $57.64 and a 52-week high of $110.00.

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

Analyst Upgrades and Downgrades

PLNT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Stifel Nicolaus decreased their target price on Planet Fitness from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Friday, February 28th. Guggenheim restated a “buy” rating and issued a $105.00 price target on shares of Planet Fitness in a report on Thursday, February 27th. Piper Sandler lifted their price objective on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $120.00 target price on shares of Planet Fitness in a research note on Monday, February 24th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Planet Fitness has an average rating of “Moderate Buy” and a consensus price target of $101.44.

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.