The Teacher Retirement System of Texas (TRS) recently announced a decrease in its shares of Planet Fitness, Inc. (NYSE:PLNT), amounting to 8.3% during the fourth quarter. This disclosure was made in accordance with the guidelines laid down by the Securities and Exchange Commission. Coming forward with one of its boldest moves, TRS sold 1,916 shares during this quarter, bringing down their total shareholdings to 21,104. These holdings are worth about $1,663,000 as filed with the SEC.
To place this in perspective, let us understand what this means for Planet Fitness and their stakeholders. The stock market opened at $67.55 on Wednesday indicating that while stakeholders may be concerned about the reduction in stocks owned by TRS and potential impact on market prices; they have not yet been affected with any significant repercussions. This is further reflected by Planet Fitness’ 12-month low of $54.15 and a high of $85.90 – suggesting that despite fluctuations in shares held by hedge funds such as TRS; there is still confidence amongst investors regarding PLNT.
Additionally, it is noteworthy that Planet Fitness has a market cap of $6.02bn and a price-to-earnings-growth ratio of 1.20 – indicating solid evidence of their business sustainability and potential for growth opportunities amidst evolving financial markets today.
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In conclusion, this announcement made by TRS is one amongst several similar actions carried out by hedge funds across various sectors as they re-strategize their portfolios for achieving long-term targets and maximizing returns on investment while minimizing risks involved across different financial derivatives like commodities exchange-traded funds (ETFs), equity-based mutual funds, and direct stock holdings. However, in PLNT’s case, there remains a sense of confidence amongst stakeholders about Planet Fitness’ long term sustainability and growth opportunities prompted by investors’ interest that is reflective of the firm’s strong performance in an ever-evolving market.
Planet Fitness, Inc.
Updated on: 07/06/2023
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|Analyst / firm||Rating|
|Cowen & Co.||Buy|
Planet Fitness Surges in Stock Market with Strong Investor Interest and Analyst Recommendations
Planet Fitness, Inc. has been making waves in the stock market, with several large investors modifying their holdings of the company. Swiss National Bank increased its holdings in Planet Fitness by 1.0%, while Strs Ohio acquired a new position in the company valued at $25,216,000. UBS Group AG and Xponance Inc., both boosted their stakes in Planet Fitness during the fourth quarter, while Tudor Investment Corp Et Al acquired a new position in the company back in the third quarter.
Equities analysts have also issued reports on the stock with Cowen raising its price objective from $90.00 to $92.00 and giving Planet Fitness an “outperform” rating. Piper Sandler upped its price objective on shares of Planet Fitness from $96.00 to $98.00 and gave the company an “overweight” rating. StockNews.com initiated coverage on shares of Planet Fitness with a “hold” rating for the company.
Finally, Royal Bank of Canada initiated coverage on shares of Planet Fitness and gave it an “outperform” rating along with a target price of $86.00 for the company, bringing into light that four analysts have rated the stock as being held at present-day levels while eight have assigned a buy rating to it.
Recent filings from Hedge funds and other institutional investors show that they own 94.56% of Planet Fitness’s stock.
Planet Fitness last announced its earnings results on Thursday, May 4th where it reported earnings per share (EPS) for Q1 2017 at $0.41 vs analysts’ consensus estimates of $0.46 by ($0.05). The company had a negative return on equity of 73.81% but revealed a net margin of 10.86%. The firm had revenue hovering around $222 million for this reporting period compared to what was estimated at around $238 million by analysts’, resulting in a 19.0% increase in revenue when compared to the same period last year. Sell-side analysts anticipate that Planet Fitness, Inc. will report an EPS of $2.16 for the current fiscal year.
Planet Fitness operates fitness centers under the brand of the same name and franchises the business in several countries including the United States, Mexico, Canada, Australia and Panama. It has three operating segments which consist of Franchise, Corporate-Owned Stores, and Equipment segments with franchising spreading its business across many regions across the continent.