Planet Fitness Inc (NYSE:PLNT) Short Interest Up 9.4% in July

Planet Fitness Inc (NYSE:PLNT) was the recipient of a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 9,440,000 shares, an increase of 9.4% from the June 30th total of 8,630,000 shares. Approximately 11.8% of the company’s stock are sold short. Based on an average daily trading volume, of 2,330,000 shares, the short-interest ratio is currently 4.1 days.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. grew its holdings in Planet Fitness by 49.1% during the 1st quarter. Rockefeller Capital Management L.P. now owns 665 shares of the company’s stock valued at $32,000 after buying an additional 219 shares during the last quarter. CWM LLC grew its stake in Planet Fitness by 5,107.7% in the first quarter. CWM LLC now owns 677 shares of the company’s stock worth $33,000 after purchasing an additional 664 shares in the last quarter. Asset Management One Co. Ltd. acquired a new position in Planet Fitness in the first quarter worth about $37,000. Schroder Investment Management Group acquired a new position in Planet Fitness in the first quarter valued at approximately $43,000. Finally, Carroll Financial Associates Inc. acquired a new position in Planet Fitness in the first quarter valued at approximately $48,000. Institutional investors and hedge funds own 98.15% of the company’s stock.

PLNT traded up $2.83 on Tuesday, hitting $53.56. 134,988 shares of the company were exchanged, compared to its average volume of 1,883,642. The firm has a 50-day moving average price of $59.69 and a two-hundred day moving average price of $63.15. The company has a market cap of $4.60 billion, a price-to-earnings ratio of 42.63, a price-to-earnings-growth ratio of 4.54 and a beta of 1.12. Planet Fitness has a twelve month low of $23.77 and a twelve month high of $88.77.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.20). The company had revenue of $127.23 million for the quarter, compared to analysts’ expectations of $152.61 million. Planet Fitness had a net margin of 14.82% and a negative return on equity of 23.53%. The firm’s revenue was down 14.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.35 earnings per share. Research analysts forecast that Planet Fitness will post 0.66 earnings per share for the current fiscal year.

A number of equities research analysts have recently issued reports on PLNT shares. Roth Capital increased their price target on shares of Planet Fitness from $58.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Piper Sandler lowered their price objective on Planet Fitness from $71.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Robert W. Baird lifted their price objective on Planet Fitness from $65.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. Raymond James downgraded Planet Fitness from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 4th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $80.00 price objective on shares of Planet Fitness in a report on Tuesday, June 16th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $73.53.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

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