Zacks Investment Research lowered shares of Planet Fitness (NYSE:PLNT) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $63.00 price objective on the stock.
According to Zacks, “Shares of Planet Fitness have outperformed the industry in the past year. This momentum is likely to continue as investors are impressed with better-than-expected earnings trend and robust same-store sales performance. During second-quarter 2019, it posted the 50th straight quarter of positive same-store sales. Meanwhile, increase in net member and higher average royalty rate have been driving comparable sales. Additionally, increased Black Card pricing bodes well. Planet Fitness’ consistent focus on partnership and international expansion to drive growth is an added positive. Recently, it announced partnership with Kohl’s. Over the past 60 days, the consensus mark for the year remained unchanged, reflecting analysts’ concern on the company’s growth potential. However, high debt remains a concern.”
A number of other research firms also recently commented on PLNT. Imperial Capital raised shares of Planet Fitness from an in-line rating to an outperform rating and set a $72.50 target price on the stock in a research report on Monday, October 14th. Roth Capital raised their target price on shares of Planet Fitness from $80.00 to $86.00 and gave the company a buy rating in a research report on Wednesday, August 7th. ValuEngine downgraded shares of Planet Fitness from a hold rating to a sell rating in a research report on Tuesday, November 5th. Finally, Berenberg Bank downgraded shares of Planet Fitness from a buy rating to a hold rating and cut their target price for the company from $80.00 to $69.00 in a research report on Tuesday, September 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Planet Fitness presently has a consensus rating of Buy and a consensus target price of $76.50.
NYSE PLNT traded up $5.71 during trading on Wednesday, reaching $68.42. 4,475,984 shares of the company’s stock traded hands, compared to its average volume of 1,423,953. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 56.08, a price-to-earnings-growth ratio of 1.69 and a beta of 0.63. The company’s 50 day simple moving average is $60.22 and its two-hundred day simple moving average is $70.59. Planet Fitness has a 12-month low of $48.00 and a 12-month high of $81.90.
Planet Fitness (NYSE:PLNT) last posted its earnings results on Thursday, November 7th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. The business had revenue of $166.82 million for the quarter, compared to the consensus estimate of $162.26 million. Planet Fitness had a net margin of 16.29% and a negative return on equity of 46.45%. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.28 EPS. As a group, analysts predict that Planet Fitness will post 1.57 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Aperio Group LLC grew its position in shares of Planet Fitness by 4.7% in the 2nd quarter. Aperio Group LLC now owns 16,832 shares of the company’s stock worth $1,219,000 after buying an additional 755 shares during the last quarter. Cetera Advisors LLC purchased a new stake in Planet Fitness during the 2nd quarter worth approximately $332,000. Atria Investments LLC purchased a new stake in Planet Fitness during the 2nd quarter worth approximately $294,000. BBT Capital Management LLC purchased a new stake in Planet Fitness during the 2nd quarter worth approximately $231,000. Finally, Allianz Asset Management GmbH grew its position in Planet Fitness by 96.0% during the 2nd quarter. Allianz Asset Management GmbH now owns 150,217 shares of the company’s stock worth $10,882,000 after purchasing an additional 73,573 shares during the last quarter. 88.97% of the stock is currently owned by hedge funds and other institutional investors.
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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