Norges Bank Makes New $100.01 Million Investment in Planet Fitness, Inc. (NYSE:PLNT)

Norges Bank acquired a new stake in Planet Fitness, Inc. (NYSE:PLNT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,011,516 shares of the company’s stock, valued at approximately $100,009,000.

Several other large investors have also made changes to their positions in the business. Corient Private Wealth LLC lifted its position in Planet Fitness by 2.1% during the fourth quarter. Corient Private Wealth LLC now owns 4,623 shares of the company’s stock valued at $457,000 after purchasing an additional 94 shares during the period. M&T Bank Corp lifted its holdings in shares of Planet Fitness by 2.6% in the 3rd quarter. M&T Bank Corp now owns 4,947 shares of the company’s stock valued at $402,000 after buying an additional 124 shares during the period. Cetera Trust Company N.A boosted its stake in shares of Planet Fitness by 5.2% in the fourth quarter. Cetera Trust Company N.A now owns 2,710 shares of the company’s stock worth $268,000 after buying an additional 135 shares during the last quarter. UMB Bank n.a. grew its holdings in Planet Fitness by 67.4% during the fourth quarter. UMB Bank n.a. now owns 390 shares of the company’s stock worth $39,000 after acquiring an additional 157 shares during the period. Finally, Truist Financial Corp lifted its holdings in Planet Fitness by 1.3% in the fourth quarter. Truist Financial Corp now owns 12,632 shares of the company’s stock valued at $1,249,000 after acquiring an additional 161 shares during the period. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Price Performance

PLNT stock opened at $95.80 on Wednesday. Planet Fitness, Inc. has a 1 year low of $57.64 and a 1 year high of $110.00. The firm has a market capitalization of $8.11 billion, a PE ratio of 51.50, a price-to-earnings-growth ratio of 2.45 and a beta of 1.54. The business has a 50 day simple moving average of $100.06 and a 200-day simple moving average of $95.02.

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. The business had revenue of $340.50 million during the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period last year, the company earned $0.60 EPS. On average, equities research analysts expect that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Roth Mkm reiterated a “buy” rating and issued a $115.00 target price (up from $110.00) on shares of Planet Fitness in a research note on Wednesday, February 26th. DA Davidson reissued a “neutral” rating and set a $87.00 target price on shares of Planet Fitness in a research note on Tuesday, January 21st. BMO Capital Markets lifted their price target on Planet Fitness from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday. Macquarie dropped their price objective on Planet Fitness from $99.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Finally, Guggenheim reaffirmed a “buy” rating and set a $105.00 target price on shares of Planet Fitness in a research note on Thursday, February 27th. Five investment 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 company’s stock. Based on data from MarketBeat.com, Planet Fitness has a consensus rating of “Moderate Buy” and an average price target of $101.44.

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.