State of Michigan Retirement System Trims Position in Planet Fitness, Inc. (NYSE:PLNT)

State of Michigan Retirement System lessened its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT) by 1.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 19,900 shares of the company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Planet Fitness were worth $1,968,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PLNT. Tidal Investments LLC boosted its position in Planet Fitness by 132.5% during the 3rd quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock valued at $2,352,000 after acquiring an additional 16,503 shares in the last quarter. State Street Corp lifted its stake in shares of Planet Fitness by 1.5% in the 3rd quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after purchasing an additional 37,236 shares during the period. Nkcfo LLC bought a new stake in shares of Planet Fitness during the fourth quarter valued at approximately $1,088,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Planet Fitness during the third quarter valued at approximately $604,000. Finally, Artemis Investment Management LLP purchased a new stake in Planet Fitness in the fourth quarter worth $18,767,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PLNT. Macquarie lowered their price objective on Planet Fitness from $99.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. DA Davidson reissued a “neutral” rating and set a $87.00 price objective on shares of Planet Fitness in a research note on Tuesday, January 21st. Stifel Nicolaus cut their price objective on shares of Planet Fitness from $90.00 to $82.00 and set a “hold” rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. lifted their target price on shares of Planet Fitness from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Piper Sandler boosted their price target on Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Planet Fitness presently has an average rating of “Moderate Buy” and a consensus price target of $99.00.

Planet Fitness Stock Performance

Shares of NYSE:PLNT opened at $97.41 on Friday. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 52.37, a price-to-earnings-growth ratio of 2.45 and a beta of 1.54. The business has a 50-day simple moving average of $101.63 and a two-hundred day simple moving average of $92.97. Planet Fitness, Inc. has a fifty-two week low of $54.35 and a fifty-two week high of $110.00.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $340.50 million during the quarter, compared to analysts’ expectations of $324.57 million. During the same period in the previous year, the company earned $0.60 earnings per share. The firm’s quarterly revenue was up 19.4% on a year-over-year basis. As a group, research analysts predict that Planet Fitness, Inc. will post 2.51 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 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.