Planet Fitness (NYSE:PLNT – Get Free Report) had its target price boosted by analysts at Robert W. Baird from $88.00 to $92.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price target suggests a potential upside of 17.60% from the stock’s previous close.
A number of other analysts also recently weighed in on PLNT. Jefferies Financial Group upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and boosted their target price for the stock from $62.00 to $100.00 in a report on Monday, June 10th. Piper Sandler raised their price objective on Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. raised Planet Fitness from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $68.00 to $78.00 in a research report on Tuesday, May 14th. Royal Bank of Canada decreased their price target on Planet Fitness from $80.00 to $77.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Finally, Stifel Nicolaus cut shares of Planet Fitness from a “buy” rating to a “hold” rating and cut their price objective for the company from $80.00 to $70.00 in a research report on Friday, May 10th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $79.87.
Get Our Latest Research Report on Planet Fitness
Planet Fitness Trading Up 3.3 %
Shares of Planet Fitness stock opened at $78.23 on Wednesday. The firm has a market cap of $6.90 billion, a PE ratio of 44.96, a PEG ratio of 2.44 and a beta of 1.49. The stock has a 50 day moving average of $72.91 and a 200 day moving average of $66.96. Planet Fitness has a 12 month low of $44.13 and a 12 month high of $79.10.
Planet Fitness (NYSE:PLNT – Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The firm had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. During the same period in the prior year, the company earned $0.65 EPS. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities research analysts forecast that Planet Fitness will post 2.43 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total transaction of $497,153.36. Following the transaction, the chief accounting officer now owns 6,778 shares in the company, valued at $524,549.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.94% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Planet Fitness by 1.2% during the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after purchasing an additional 97,823 shares in the last quarter. Cadian Capital Management LP boosted its position in Planet Fitness by 9.6% during the fourth quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock valued at $323,417,000 after purchasing an additional 386,861 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Planet Fitness by 2.6% in the first quarter. Bank of New York Mellon Corp now owns 2,592,136 shares of the company’s stock worth $162,345,000 after purchasing an additional 66,139 shares in the last quarter. Dorsal Capital Management LP purchased a new stake in shares of Planet Fitness during the fourth quarter valued at about $182,500,000. Finally, William Blair Investment Management LLC bought a new stake in shares of Planet Fitness in the 2nd quarter valued at about $166,978,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.
About Planet Fitness
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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