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

by · The Cerbat Gem

Planet Fitness, Inc. (NYSE:PLNT – Get Free Report) saw a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 5,760,000 shares, a growth of 36.2% from the February 13th total of 4,230,000 shares. Based on an average daily trading volume, of 1,450,000 shares, the days-to-cover ratio is presently 4.0 days. Currently, 7.2% of the shares of the company are short sold.

Planet Fitness Stock Up 3.1 %

Planet Fitness stock traded up $2.98 during mid-day trading on Monday, reaching $98.49. 1,447,279 shares of the company’s stock traded hands, compared to its average volume of 1,473,417. The company has a market cap of $8.34 billion, a price-to-earnings ratio of 52.95, a PEG ratio of 2.45 and a beta of 1.54. The stock has a 50 day moving average of $101.01 and a two-hundred day moving average of $93.62. Planet Fitness has a 12-month low of $54.35 and a 12-month high of $110.00.

Planet Fitness (NYSE:PLNT – Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. The company had revenue of $340.50 million for the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. Planet Fitness’s revenue was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 earnings per share. As a group, sell-side analysts forecast that Planet Fitness will post 2.51 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on PLNT. Roth Mkm restated a “buy” rating and set a $115.00 target price (up from $110.00) on shares of Planet Fitness in a research report on Wednesday, February 26th. Canaccord Genuity Group assumed coverage on shares of Planet Fitness in a research report on Thursday. They set a “buy” rating and a $120.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $120.00 price target on shares of Planet Fitness in a report on Monday, February 24th. Piper Sandler lifted their price target on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their price target 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. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $100.17.

View Our Latest Stock Analysis on Planet Fitness

Institutional Investors Weigh In On Planet Fitness

A number of hedge funds have recently bought and sold shares of PLNT. Crossmark Global Holdings Inc. raised its stake in Planet Fitness by 8.8% during the third quarter. Crossmark Global Holdings Inc. now owns 6,256 shares of the company’s stock valued at $508,000 after purchasing an additional 508 shares in the last quarter. KBC Group NV increased its position in Planet Fitness by 14.7% during the third quarter. KBC Group NV now owns 2,503 shares of the company’s stock valued at $203,000 after acquiring an additional 321 shares during the last quarter. ING Groep NV bought a new position in Planet Fitness during the third quarter valued at $1,568,000. Natixis Advisors LLC bought a new position in Planet Fitness during the third quarter valued at $855,000. Finally, Quest Partners LLC increased its position in Planet Fitness by 126.0% during the third quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock valued at $772,000 after acquiring an additional 5,298 shares during the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

About Planet Fitness

(Get Free Report)

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.

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