Does Planet Fitness (PLNT) Have a Difficult Operating Environment?

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Mid-cap stocks demonstrated strength carried over from the end of last year, delivering robust returns during the first quarter. Among the style indexes, the Russell Midcap Growth Index outperformed the Russell Midcap Value Index by a modest margin, with growth up 9.49% and value up 8.23%. All sectors in the Russell Midcap Growth Index delivered positive gains during the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Planet Fitness, Inc. (NYSE:PLNT) in the first quarter 2024 investor letter. Planet Fitness, Inc. (NYSE:PLNT) franchises and operates fitness centers. The one-month return of Planet Fitness, Inc. (NYSE:PLNT) was 1.18%, and its shares lost 3.69% of their value over the last 52 weeks. On May 29, 2024, Planet Fitness, Inc. (NYSE:PLNT) stock closed at $60.80 per share with a market capitalization of $5.361 billion.

Carillon Eagle Mid Cap Growth Fund stated the following regarding Planet Fitness, Inc. (NYSE:PLNT) in its first quarter 2024 investor letter:

A smiling person in sports gear testing out a piece of new fitness equipment.

Planet Fitness, Inc. (NYSE:PLNT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Planet Fitness, Inc. (NYSE:PLNT) at the end of the first quarter which was 37 in the previous quarter.

Total revenue of Planet Fitness, Inc. (NYSE:PLNT) for the first quarter increased to $248.0 million from $222.2 million in the same period last year, primarily due to revenue increases across the franchise and corporate-owned segments.

Planet Fitness, Inc. (NYSE:PLNT) outperformed in the previous quarter and contributed to the Carillon Eagle Mid Cap Growth Fund’s portfolio performance. In addition, please check out our hedge fund investor letters Q1 2024 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.