Planet Fitness, Inc. (NYSE:PLNT) Sees Large Decline in Short Interest

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

Planet Fitness Stock Down 1.4 %

NYSE:PLNT traded down $1.41 during mid-day trading on Friday, reaching $99.61. 151,797 shares of the company were exchanged, compared to its average volume of 1,520,545. Planet Fitness has a 12 month low of $54.35 and a 12 month high of $102.81. The company has a fifty day moving average of $86.45 and a 200 day moving average of $78.41. The stock has a market cap of $8.43 billion, a PE ratio of 54.11, a PEG ratio of 3.36 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. During the same quarter last year, the business posted $0.59 EPS. The firm’s revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts anticipate that Planet Fitness will post 2.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PLNT. Roth Mkm lifted their price objective on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Morgan Stanley increased their price target on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price objective on shares of Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Planet Fitness in a research report on Friday, September 27th. They set a “hold” rating and a $71.00 target price on the stock. Finally, Bank of America upped their price target on Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 6th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.38.

Insider Buying and Selling

In other news, insider Jennifer Simmons sold 11,453 shares of Planet Fitness stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total value of $1,101,778.60. Following the transaction, the insider now owns 19,110 shares of the company’s stock, valued at $1,838,382. This trade represents a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its holdings in shares of Planet Fitness by 478.8% during the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $28,000 after acquiring an additional 316 shares during the period. LRI Investments LLC raised its position in Planet Fitness by 61.2% in the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after buying an additional 153 shares during the last quarter. V Square Quantitative Management LLC boosted its position in Planet Fitness by 69.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after acquiring an additional 201 shares during the last quarter. Quarry LP grew its stake in shares of Planet Fitness by 174.7% during the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 318 shares in the last quarter. Finally, Dnca Finance acquired a new stake in shares of Planet Fitness in the second quarter valued at approximately $82,000. 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.