Planet Fitness (NYSE:PLNT) Price Target Raised to $90.00

Planet Fitness (NYSE:PLNT) had its target price increased by JPMorgan Chase & Co. from $80.00 to $90.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

PLNT has been the subject of a number of other research reports. BNP Paribas raised Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price objective for the company in a research note on Thursday, September 5th. BMO Capital Markets reiterated an “outperform” rating and set a $87.00 target price (up from $80.00) on shares of Planet Fitness in a report on Wednesday, August 7th. Piper Sandler boosted their price target on Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Roth Mkm boosted their price target on shares of Planet Fitness from $73.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus raised their price objective on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $91.81.

Planet Fitness Stock Up 1.2 %

Shares of NYSE PLNT traded up $1.14 during trading hours on Friday, reaching $95.31. 1,982,660 shares of the stock traded hands, compared to its average volume of 1,555,188. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $98.59. The company’s 50-day simple moving average is $81.75 and its two-hundred day simple moving average is $74.78. The company has a market capitalization of $8.12 billion, a P/E ratio of 52.36, a price-to-earnings-growth ratio of 2.84 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The business had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. During the same period in the prior year, the business posted $0.59 earnings per share. The company’s revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts forecast that Planet Fitness will post 2.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Planet Fitness

Several large investors have recently bought and sold shares of PLNT. William Blair Investment Management LLC purchased a new stake in shares of Planet Fitness in the 2nd quarter worth $166,978,000. Anomaly Capital Management LP purchased a new stake in Planet Fitness during the second quarter valued at $106,795,000. Point72 Asset Management L.P. grew its position in Planet Fitness by 169.8% in the second quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after acquiring an additional 829,509 shares in the last quarter. Steadfast Capital Management LP raised its holdings in Planet Fitness by 97.7% during the 1st quarter. Steadfast Capital Management LP now owns 1,381,860 shares of the company’s stock valued at $86,546,000 after buying an additional 682,863 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Planet Fitness by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock worth $116,453,000 after purchasing an additional 483,586 shares during the last quarter. 95.53% of the stock is currently owned by institutional investors.

Planet Fitness Company Profile

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.