Planet Fitness, Inc. (NYSE:PLNT – Get Free Report)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $72.73, but opened at $75.28. Planet Fitness shares last traded at $73.79, with a volume of 56,569 shares.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on PLNT. TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and increased their target price for the company from $66.00 to $92.00 in a research report on Monday. Morgan Stanley reiterated an “overweight” rating and issued a $79.00 target price on shares of Planet Fitness in a research note on Friday, June 14th. JPMorgan Chase & Co. upgraded shares of Planet Fitness from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $68.00 to $78.00 in a report on Tuesday, May 14th. Royal Bank of Canada lowered their price target on shares of Planet Fitness from $80.00 to $77.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Finally, DA Davidson reiterated a “neutral” rating and set a $62.00 price objective on shares of Planet Fitness in a research note on Friday, June 14th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Planet Fitness presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.64.
Read Our Latest Analysis on Planet Fitness
Planet Fitness Stock Performance
The firm has a market cap of $6.55 billion, a PE ratio of 41.80, a P/E/G ratio of 2.45 and a beta of 1.43. The company has a 50 day simple moving average of $64.45 and a two-hundred day simple moving average of $66.34.
Planet Fitness (NYSE:PLNT – Get Free Report) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. The company had revenue of $248.00 million for the quarter, compared to the consensus estimate of $249.48 million. Planet Fitness had a net margin of 13.66% and a negative return on equity of 140.14%. Planet Fitness’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 EPS. As a group, research analysts predict that Planet Fitness, Inc. will post 2.43 earnings per share for the current fiscal year.
Institutional Trading of Planet Fitness
A number of hedge funds have recently modified their holdings of the stock. American Century Companies Inc. grew its position in Planet Fitness by 66.8% during the third quarter. American Century Companies Inc. now owns 877,723 shares of the company’s stock valued at $43,166,000 after buying an additional 351,401 shares during the period. Oak Thistle LLC purchased a new position in shares of Planet Fitness in the 4th quarter valued at about $389,000. Dimensional Fund Advisors LP raised its holdings in Planet Fitness by 17.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 897,910 shares of the company’s stock worth $65,549,000 after purchasing an additional 133,541 shares during the period. Broad Bay Capital Management LP boosted its position in Planet Fitness by 15.4% during the fourth quarter. Broad Bay Capital Management LP now owns 1,223,000 shares of the company’s stock worth $89,279,000 after purchasing an additional 163,000 shares in the last quarter. Finally, Graham Capital Management L.P. acquired a new stake in Planet Fitness in the third quarter valued at approximately $944,000. 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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