Raymond James Initiates Coverage on Planet Fitness (NYSE:PLNT)

Raymond James initiated coverage on shares of Planet Fitness (NYSE:PLNT) in a report published on Wednesday, June 26th, Benzinga reports. The brokerage issued an outperform rating and a $80.00 price objective on the stock.

PLNT has been the topic of several other research reports. Roth Capital reiterated a buy rating on shares of Epizyme in a report on Wednesday, February 27th. Zacks Investment Research upgraded shares of Garrett Motion from a sell rating to a hold rating in a report on Friday, May 10th. Cowen reaffirmed an outperform rating and set a $41.00 price objective (down previously from $42.00) on shares of American Airlines Group in a research note on Monday, April 29th. Bank of America reaffirmed a buy rating and set a $105.00 price objective (up previously from $100.00) on shares of Zendesk in a research note on Wednesday, May 1st. Finally, Piper Jaffray Companies reaffirmed a buy rating and set a $29.00 price objective on shares of TechnipFMC in a research note on Monday, April 29th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $69.50.

Shares of PLNT stock traded down $0.09 during mid-day trading on Wednesday, hitting $76.58. 18,255 shares of the stock traded hands, compared to its average volume of 1,499,702. The stock has a market capitalization of $7.14 billion, a PE ratio of 62.62, a P/E/G ratio of 2.28 and a beta of 0.59. The stock’s fifty day moving average price is $76.37. Planet Fitness has a 52-week low of $44.46 and a 52-week high of $81.90.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The firm 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%. Planet Fitness’s revenue was up 22.7% on a year-over-year basis. During the same period last year, the firm posted $0.27 EPS. As a group, analysts predict that Planet Fitness will post 1.55 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ffcm LLC acquired a new position in Planet Fitness in the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. grew its position in Planet Fitness by 4,557.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 652 shares of the company’s stock valued at $45,000 after acquiring an additional 638 shares in the last quarter. Synovus Financial Corp grew its position in Planet Fitness by 228.3% in the 1st quarter. Synovus Financial Corp now owns 719 shares of the company’s stock valued at $49,000 after acquiring an additional 500 shares in the last quarter. Bessemer Group Inc. grew its position in Planet Fitness by 30.6% in the 4th quarter. Bessemer Group Inc. now owns 1,127 shares of the company’s stock valued at $60,000 after acquiring an additional 264 shares in the last quarter. Finally, Quantamental Technologies LLC acquired a new position in Planet Fitness in the 1st quarter valued at about $73,000. Institutional investors and hedge funds own 93.81% of the company’s stock.

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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