Truist Financial Corp Lowers Holdings in Planet Fitness, Inc. $PLNT

Truist Financial Corp decreased its position in Planet Fitness, Inc. (NYSE:PLNT) by 15.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,809 shares of the company’s stock after selling 1,776 shares during the quarter. Truist Financial Corp’s holdings in Planet Fitness were worth $1,070,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Beaumont Financial Advisors LLC acquired a new stake in Planet Fitness in the second quarter valued at approximately $222,000. GAMMA Investing LLC raised its holdings in Planet Fitness by 19.2% in the second quarter. GAMMA Investing LLC now owns 2,675 shares of the company’s stock valued at $292,000 after acquiring an additional 430 shares in the last quarter. Toth Financial Advisory Corp acquired a new stake in Planet Fitness in the second quarter valued at approximately $333,000. Walter Public Investments Inc. raised its holdings in Planet Fitness by 10.4% in the second quarter. Walter Public Investments Inc. now owns 190,794 shares of the company’s stock valued at $20,806,000 after acquiring an additional 17,950 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Planet Fitness by 48.7% in the second quarter. Farther Finance Advisors LLC now owns 773 shares of the company’s stock valued at $84,000 after acquiring an additional 253 shares in the last quarter. Institutional investors and hedge funds own 95.53% of the company’s stock.

Wall Street Analysts Forecast Growth

PLNT has been the topic of several analyst reports. Jefferies Financial Group reaffirmed a “buy” rating on shares of Planet Fitness in a report on Wednesday, September 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of Planet Fitness in a report on Wednesday, October 8th. Canaccord Genuity Group reissued a “buy” rating and set a $126.00 price objective on shares of Planet Fitness in a report on Monday, September 15th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Planet Fitness in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $111.54.

Planet Fitness Price Performance

Shares of Planet Fitness stock opened at $93.65 on Monday. The firm’s fifty day simple moving average is $103.40 and its 200-day simple moving average is $102.77. The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 41.62, a PEG ratio of 2.08 and a beta of 1.38. Planet Fitness, Inc. has a 12 month low of $77.77 and a 12 month high of $114.47.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Wednesday, August 6th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.07. The business had revenue of $340.88 million for the quarter, compared to analysts’ expectations of $329.59 million. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 EPS. Analysts anticipate that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Planet Fitness 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.