Summit Investment Advisors Inc. Has $1.67 Million Stake in Planet Fitness, Inc. (NYSE:PLNT)

Summit Investment Advisors Inc. reduced its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT) by 2.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 16,861 shares of the company’s stock after selling 491 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Planet Fitness were worth $1,667,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Tidal Investments LLC raised its position in shares of Planet Fitness by 132.5% in the third quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock valued at $2,352,000 after purchasing an additional 16,503 shares during the period. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Planet Fitness in the fourth quarter valued at approximately $3,378,000. AMJ Financial Wealth Management acquired a new stake in Planet Fitness during the 4th quarter worth approximately $495,000. Nkcfo LLC bought a new stake in Planet Fitness in the 4th quarter valued at $1,088,000. Finally, Artemis Investment Management LLP acquired a new position in Planet Fitness in the 4th quarter valued at $18,767,000. Institutional investors and hedge funds own 95.53% of the company’s stock.

Planet Fitness Stock Performance

Shares of NYSE:PLNT opened at $96.23 on Wednesday. Planet Fitness, Inc. has a 52-week low of $57.64 and a 52-week high of $110.00. The company has a market capitalization of $8.15 billion, a PE ratio of 51.73, a price-to-earnings-growth ratio of 2.45 and a beta of 1.39. The company has a fifty day moving average of $97.17 and a 200-day moving average of $95.85.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PLNT. Macquarie reduced their target price on shares of Planet Fitness from $99.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Canaccord Genuity Group began coverage on shares of Planet Fitness in a research report on Thursday, March 13th. They set a “buy” rating and a $120.00 target price on the stock. Piper Sandler raised their target price on shares of Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. JPMorgan Chase & Co. boosted their price target on Planet Fitness from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $120.00 price objective on shares of Planet Fitness in a report on Monday, February 24th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $101.72.

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.