Elwood Capital Partners LP Invests $4.60 Million in Planet Fitness, Inc. (NYSE:PLNT)

Elwood Capital Partners LP purchased a new stake in shares of Planet Fitness, Inc. (NYSE:PLNT) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 46,505 shares of the company’s stock, valued at approximately $4,598,000. Planet Fitness makes up about 4.5% of Elwood Capital Partners LP’s investment portfolio, making the stock its 6th largest position.

Several other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Planet Fitness by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 8,035,765 shares of the company’s stock worth $794,496,000 after acquiring an additional 39,928 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Planet Fitness by 1.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,609,196 shares of the company’s stock worth $356,841,000 after purchasing an additional 36,803 shares during the period. State Street Corp increased its stake in Planet Fitness by 1.5% in the 3rd quarter. State Street Corp now owns 2,524,764 shares of the company’s stock worth $205,061,000 after acquiring an additional 37,236 shares during the last quarter. Ninety One UK Ltd bought a new position in shares of Planet Fitness in the fourth quarter worth approximately $130,376,000. Finally, Norges Bank bought a new position in shares of Planet Fitness in the 4th quarter worth $100,009,000. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Trading Up 0.4 %

NYSE:PLNT opened at $96.56 on Tuesday. The firm has a fifty day simple moving average of $100.30 and a 200-day simple moving average of $94.93. The company has a market capitalization of $8.18 billion, a P/E ratio of 51.91, a PEG ratio of 2.45 and a beta of 1.54. Planet Fitness, Inc. has a 12 month low of $57.64 and a 12 month high of $110.00.

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 the consensus estimate of $0.62 by $0.08. The firm had revenue of $340.50 million during the quarter, compared to analysts’ expectations of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The firm’s revenue was up 19.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 earnings per share. Equities analysts forecast that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on PLNT. Stifel Nicolaus decreased their price target on shares of Planet Fitness from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. upped their price target on Planet Fitness from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Canaccord Genuity Group initiated coverage on shares of Planet Fitness in a research report on Thursday, March 13th. They issued a “buy” rating and a $120.00 target price for the company. 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 report on Monday. Finally, Guggenheim reissued a “buy” rating and set a $105.00 price objective on shares of Planet Fitness in a research note on Thursday, February 27th. Five equities 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $101.44.

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.