Planet Fitness (NYSE:PLNT – Get Free Report) had its price target boosted by Roth Mkm from $73.00 to $88.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Mkm’s price target would suggest a potential upside of 12.49% from the company’s current price.
A number of other research firms have also recently commented on PLNT. JPMorgan Chase & Co. raised Planet Fitness from a “neutral” rating to an “overweight” rating and increased their target price for the company from $68.00 to $78.00 in a research note on Tuesday, May 14th. Stifel Nicolaus lowered shares of Planet Fitness from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $80.00 to $70.00 in a report on Friday, May 10th. StockNews.com upgraded Planet Fitness from a “sell” rating to a “hold” rating in a report on Wednesday, May 8th. Morgan Stanley restated an “overweight” rating and set a $79.00 price target on shares of Planet Fitness in a research report on Friday, June 14th. Finally, Raymond James lifted their target price on shares of Planet Fitness from $75.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Friday, May 10th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $79.87.
Get Our Latest Analysis on Planet Fitness
Planet Fitness Price Performance
NYSE PLNT opened at $78.23 on Wednesday. The company’s 50 day simple moving average is $72.91 and its two-hundred day simple moving average is $66.96. Planet Fitness has a 1 year low of $44.13 and a 1 year high of $79.10. The stock has a market capitalization of $6.90 billion, a PE ratio of 44.96, a P/E/G ratio of 2.44 and a beta of 1.49.
Planet Fitness (NYSE:PLNT – Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.05. The firm had revenue of $300.94 million for the quarter, compared to analysts’ expectations of $290.17 million. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The company’s revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 EPS. On average, research analysts anticipate that Planet Fitness will post 2.43 EPS for the current year.
Insider Buying and Selling
In other news, CAO Brian O’donnell sold 6,424 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total transaction of $497,153.36. Following the sale, the chief accounting officer now owns 6,778 shares in the company, valued at $524,549.42. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.94% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Planet Fitness
A number of hedge funds have recently bought and sold shares of PLNT. Dorsal Capital Management LP bought a new stake in shares of Planet Fitness in the fourth quarter worth $182,500,000. William Blair Investment Management LLC purchased a new position in Planet Fitness in the second quarter worth about $166,978,000. Greenvale Capital LLP grew its stake in shares of Planet Fitness by 291.3% during the 4th quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock valued at $127,103,000 after purchasing an additional 1,296,140 shares during the period. Norges Bank purchased a new stake in shares of Planet Fitness during the 4th quarter valued at about $65,674,000. Finally, Steadfast Capital Management LP increased its position in shares of Planet Fitness by 97.7% during the 1st quarter. Steadfast Capital Management LP now owns 1,381,860 shares of the company’s stock valued at $86,546,000 after purchasing an additional 682,863 shares during the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.
Planet Fitness Company Profile
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.
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