Here’s Why Planet Fitness (PLNT) Fell in Q3

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, mid-cap stocks had negative returns, reversing their positive returns in the first half of the year. The Russell Midcap Growth Index was down 5.22% slightly trailing the Russell Midcap Value Index which was down 4.46%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Planet Fitness, Inc. (NYSE:PLNT) in the third quarter 2023 investor letter. Headquartered in Hampton, New Hampshire, Planet Fitness, Inc. (NYSE:PLNT) is a fitness center operator. On October 26, 2023, Planet Fitness, Inc. (NYSE:PLNT) stock closed at $54.69 per share. One-month return of Planet Fitness, Inc. (NYSE:PLNT) was 11.20%, and its shares lost 13.82% of their value over the last 52 weeks. Planet Fitness, Inc. (NYSE:PLNT) has a market capitalization of $4.82 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about Planet Fitness, Inc. (NYSE:PLNT) in its Q3 2023 investor letter:

“Planet Fitness, Inc. (NYSE:PLNT) franchises and operates fitness centers. The stock underperformed as the company lowered its new unit opening target for this year. The cost to build new units has increased, driven by both higher construction costs and interest rates. In addition to these operational challenges, the CEO was removed in a rather abrupt fashion.”

A diverse group of people engaging in various activities in a modern fitness center. Editorial photo for a financial news article. 8k. –ar 16:9

Planet Fitness, Inc. (NYSE:PLNT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Planet Fitness, Inc. (NYSE:PLNT) at the end of second quarter which was 35 in the previous quarter.

We discussed Planet Fitness, Inc. (NYSE:PLNT) in another article and shared the list of stocks receiving downgrades from analysts. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.