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

Planet Fitness, Inc. (NYSE:PLNT) was the recipient of a large 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 trading volume, of 1,160,000 shares, the days-to-cover ratio is presently 2.4 days.

Planet Fitness Trading Down 1.5 %

Shares of Planet Fitness stock traded down $1.47 during trading on Friday, hitting $99.55. 404,195 shares of the stock traded hands, compared to its average volume of 1,338,169. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $102.81. The stock’s fifty day simple moving average is $86.75 and its 200 day simple moving average is $78.73. The firm has a market cap of $8.42 billion, a P/E ratio of 53.52, a price-to-earnings-growth ratio of 3.31 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. 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 firm posted $0.59 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities analysts expect that Planet Fitness will post 2.5 EPS for the current year.

Wall Street Analyst Weigh In

PLNT has been the subject of several analyst reports. Robert W. Baird raised their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price objective (up from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. BNP Paribas upgraded Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 target price for the company in a research report on Thursday, September 5th. Stifel Nicolaus increased their price target on Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Finally, Macquarie restated a “neutral” rating and set a $99.00 price objective (up previously 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 given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $93.38.

Insider Activity

In related 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 value of $1,101,778.60. Following the completion of the sale, the insider now directly owns 19,110 shares in the company, valued at $1,838,382. This trade represents a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

A number of large investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in Planet Fitness by 478.8% in the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $28,000 after purchasing an additional 316 shares in the last quarter. LRI Investments LLC grew its position in shares of Planet Fitness by 61.2% in the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after buying an additional 153 shares during the last quarter. Quarry LP raised 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. V Square Quantitative Management LLC lifted its position in Planet Fitness by 69.8% during the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock valued at $40,000 after acquiring an additional 201 shares during the last quarter. Finally, Dnca Finance acquired a new stake in Planet Fitness in the second quarter valued at approximately $82,000. Institutional investors own 95.53% of the company’s stock.

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.