Planet Fitness (NYSE:PLNT) Hits New 52-Week Low – Here’s Why

Planet Fitness, Inc. (NYSE:PLNT) shares reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $87.50 and last traded at $87.7780, with a volume of 416820 shares changing hands. The stock had previously closed at $92.07.

Analyst Ratings Changes

A number of brokerages have recently commented on PLNT. JPMorgan Chase & Co. upped their price target on Planet Fitness from $108.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Canaccord Genuity Group boosted their target price on shares of Planet Fitness from $139.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Royal Bank Of Canada reissued an “outperform” rating and issued a $135.00 price target on shares of Planet Fitness in a report on Tuesday, December 9th. Guggenheim upgraded shares of Planet Fitness to a “strong-buy” rating in a research report on Wednesday, December 10th. Finally, UBS Group restated a “buy” rating on shares of Planet Fitness in a report on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $122.27.

Planet Fitness Trading Down 3.9%

The stock has a market cap of $7.37 billion, a P/E ratio of 36.13, a price-to-earnings-growth ratio of 1.42 and a beta of 1.26. The company’s fifty day simple moving average is $102.24 and its 200-day simple moving average is $102.55.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ninety One UK Ltd grew its stake in shares of Planet Fitness by 20.0% in the 3rd quarter. Ninety One UK Ltd now owns 3,461,543 shares of the company’s stock valued at $359,308,000 after purchasing an additional 577,637 shares during the period. Invesco Ltd. boosted its stake in Planet Fitness by 15.0% in the 2nd quarter. Invesco Ltd. now owns 2,543,501 shares of the company’s stock valued at $277,369,000 after buying an additional 332,362 shares in the last quarter. Dorsal Capital Management LP grew its position in Planet Fitness by 7.6% in the second quarter. Dorsal Capital Management LP now owns 2,475,000 shares of the company’s stock valued at $269,899,000 after acquiring an additional 175,000 shares during the period. Steadfast Capital Management LP raised its stake in Planet Fitness by 4.6% during the third quarter. Steadfast Capital Management LP now owns 1,888,992 shares of the company’s stock worth $196,077,000 after acquiring an additional 83,215 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Planet Fitness by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 1,658,435 shares of the company’s stock worth $179,924,000 after acquiring an additional 26,575 shares in the last quarter. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Company Profile

Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.

The company operates through a network of franchised and company-owned clubs.