Analysts Set Planet Fitness, Inc. (NYSE:PLNT) Price Target at $79.87

Planet Fitness, Inc. (NYSE:PLNT) has earned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $79.87.

PLNT has been the topic of a number of recent research reports. StockNews.com upgraded shares of Planet Fitness from a “sell” rating to a “hold” rating in a research note on Wednesday, May 8th. Piper Sandler upped their price objective on Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Royal Bank of Canada increased their price objective on Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Jefferies Financial Group raised Planet Fitness from a “hold” rating to a “buy” rating and boosted their target price for the company from $62.00 to $100.00 in a report on Monday, June 10th. Finally, Robert W. Baird increased their price target on Planet Fitness from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th.

Planet Fitness Stock Up 1.5 %

Shares of NYSE PLNT opened at $81.07 on Friday. The stock has a market cap of $6.90 billion, a PE ratio of 46.59, a price-to-earnings-growth ratio of 2.65 and a beta of 1.49. Planet Fitness has a 52-week low of $44.13 and a 52-week high of $81.64. The business has a 50-day moving average price of $75.45 and a 200 day moving average price of $67.70.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.05. The business had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The company’s revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.65 earnings per share. Sell-side analysts anticipate that Planet Fitness will post 2.43 earnings per share for the current year.

Insider Transactions at Planet Fitness

In related news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total transaction of $497,153.36. Following the sale, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at $524,549.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC grew its stake in Planet Fitness by 886.5% in the 4th quarter. International Assets Investment Management LLC now owns 5,840 shares of the company’s stock valued at $426,000 after acquiring an additional 5,248 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in shares of Planet Fitness in the fourth quarter valued at approximately $1,752,000. Verdence Capital Advisors LLC purchased a new position in shares of Planet Fitness during the 4th quarter worth approximately $201,000. Handelsbanken Fonder AB raised its position in shares of Planet Fitness by 2.4% during the 4th quarter. Handelsbanken Fonder AB now owns 443,781 shares of the company’s stock worth $32,396,000 after purchasing an additional 10,300 shares during the last quarter. Finally, Cetera Trust Company N.A purchased a new stake in Planet Fitness in the 4th quarter valued at approximately $195,000. Hedge funds and other institutional investors own 95.53% 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 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.