Planet Fitness (NYSE:PLNT)‘s stock had its “buy” rating reiterated by equities researchers at Bank of America in a report issued on Wednesday, May 1st, Marketbeat.com reports. They presently have a $86.00 price target on the stock, up from their previous price target of $72.00. Bank of America‘s price objective suggests a potential upside of 7.47% from the company’s previous close.
Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded Planet Fitness from a “buy” rating to a “hold” rating in a report on Friday, February 15th. ValuEngine downgraded Planet Fitness from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 1st. Wedbush raised their price target on Planet Fitness from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, February 27th. DA Davidson raised their price target on Planet Fitness to $70.00 and gave the company a “buy” rating in a research note on Wednesday, February 27th. Finally, Robert W. Baird raised their price target on Planet Fitness from $70.00 to $75.00 and gave the company a “positive” rating in a research note on Tuesday, April 2nd. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $67.57.
NYSE:PLNT opened at $80.02 on Wednesday. Planet Fitness has a 1-year low of $38.32 and a 1-year high of $81.76. The stock has a market capitalization of $7.51 billion, a price-to-earnings ratio of 65.59, a P/E/G ratio of 2.42 and a beta of 0.76.
Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. The company had revenue of $148.82 million for the quarter, compared to analyst estimates of $153.41 million. Planet Fitness had a negative return on equity of 53.73% and a net margin of 15.91%. Planet Fitness’s revenue was up 22.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 earnings per share. Equities research analysts expect that Planet Fitness will post 1.55 EPS for the current fiscal year.
In other Planet Fitness news, CFO Dorvin D. Lively sold 100,000 shares of Planet Fitness stock in a transaction on Friday, March 8th. The stock was sold at an average price of $63.52, for a total value of $6,352,000.00. Following the completion of the transaction, the chief financial officer now directly owns 98,883 shares of the company’s stock, valued at approximately $6,281,048.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher Rondeau sold 200,000 shares of Planet Fitness stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $65.86, for a total value of $13,172,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 466,291 shares of company stock valued at $29,813,238. Insiders own 14.52% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Granite Investment Partners LLC bought a new position in shares of Planet Fitness in the 4th quarter valued at $947,000. Vanguard Group Inc. increased its stake 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 purchasing an additional 280,726 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Planet Fitness by 0.3% in the 4th quarter. Bank of America Corp DE now owns 887,277 shares of the company’s stock valued at $47,576,000 after purchasing an additional 3,040 shares during the last quarter. Vanguard Group Inc increased its stake 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 purchasing an additional 280,726 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its stake in shares of Planet Fitness by 99.3% in the 4th quarter. Meeder Asset Management Inc. now owns 570 shares of the company’s stock valued at $31,000 after purchasing an additional 284 shares during the last quarter. 96.21% of the stock is 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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