Shares of Planet Fitness Inc (NYSE:PLNT) have been given an average recommendation of “Buy” by the sixteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $68.23.
PLNT has been the subject of several analyst reports. Macquarie upgraded Planet Fitness from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $64.00 to $85.00 in a research note on Tuesday, May 7th. Cowen restated an “average” rating and issued a $85.00 price objective (up from $65.00) on shares of Planet Fitness in a research note on Monday, April 29th. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and upped their price objective for the stock from $49.00 to $75.00 in a research note on Friday, February 22nd. They noted that the move was a valuation call. Roth Capital upped their price objective on Planet Fitness from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 27th. Finally, Bank of America restated a “buy” rating and issued a $86.00 price objective (up from $72.00) on shares of Planet Fitness in a research note on Wednesday, May 1st.
In other Planet Fitness news, Director David P. Berg sold 6,291 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $61.73, for a total transaction of $388,343.43. Following the completion of the transaction, the director now owns 6,615 shares of the company’s stock, valued at approximately $408,343.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Rondeau sold 6,000 shares of the stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $60.53, for a total transaction of $363,180.00. The disclosure for this sale can be found here. Insiders have sold a total of 466,291 shares of company stock valued at $29,813,238 in the last three months. Insiders own 14.52% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PLNT. Vanguard Group Inc lifted its holdings in shares of Planet Fitness by 3.4% in the 3rd quarter. Vanguard Group Inc now owns 8,597,408 shares of the company’s stock valued at $464,518,000 after acquiring an additional 280,726 shares during the last quarter. FMR LLC lifted its holdings in shares of Planet Fitness by 57.7% in the 4th quarter. FMR LLC now owns 7,135,122 shares of the company’s stock valued at $382,585,000 after acquiring an additional 2,610,693 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Planet Fitness by 4.3% in the 4th quarter. BlackRock Inc. now owns 6,386,708 shares of the company’s stock valued at $342,456,000 after acquiring an additional 265,922 shares during the last quarter. Lord Abbett & CO. LLC lifted its holdings in shares of Planet Fitness by 10.2% in the 4th quarter. Lord Abbett & CO. LLC now owns 2,283,796 shares of the company’s stock valued at $122,457,000 after acquiring an additional 210,503 shares during the last quarter. Finally, OppenheimerFunds Inc. lifted its holdings in shares of Planet Fitness by 11.4% in the 1st quarter. OppenheimerFunds Inc. now owns 1,365,027 shares of the company’s stock valued at $93,804,000 after acquiring an additional 139,907 shares during the last quarter. 96.21% of the stock is owned by institutional investors and hedge funds.
PLNT traded up $1.96 during mid-day trading on Friday, reaching $80.72. 1,014,745 shares of the company traded hands, compared to its average volume of 1,423,449. The firm has a market cap of $7.53 billion, a PE ratio of 66.16, a P/E/G ratio of 2.26 and a beta of 0.76. Planet Fitness has a 52-week low of $38.32 and a 52-week high of $81.14.
Planet Fitness (NYSE:PLNT) last announced its earnings results on Thursday, May 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $148.82 million during the quarter, compared to analyst estimates of $153.41 million. Planet Fitness had a net margin of 15.91% and a negative return on equity of 53.73%. The company’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.27 EPS. Research analysts expect that Planet Fitness will post 1.55 earnings per share for the current fiscal year.
Planet Fitness Company Profile
Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.
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