Planet Fitness (NYSE:PLNT) Sets New 52-Week High on Strong Earnings

Planet Fitness, Inc. (NYSE:PLNT)’s stock price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $98.59 and last traded at $97.94, with a volume of 116663 shares. The stock had previously closed at $84.65.

The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. The company had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 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 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.59 EPS.

Analyst Ratings Changes

Several research firms have issued reports on PLNT. Morgan Stanley upped their price objective on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. BNP Paribas raised Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price objective on the stock in a research note on Thursday, September 5th. Bank of America raised their price objective on Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Raymond James raised their price objective on Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a research note on Friday. Finally, Roth Mkm raised their price objective on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Planet Fitness currently has a consensus rating of “Moderate Buy” and an average price target of $91.81.

Hedge Funds Weigh In On Planet Fitness

Several hedge funds have recently modified their holdings of the stock. William Blair Investment Management LLC acquired a new position in Planet Fitness during the second quarter worth approximately $166,978,000. Anomaly Capital Management LP bought a new stake in shares of Planet Fitness in the second quarter valued at approximately $106,795,000. Point72 Asset Management L.P. boosted its stake in shares of 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 valued at $96,985,000 after buying an additional 829,509 shares during the period. Steadfast Capital Management LP boosted its stake in shares of Planet Fitness by 97.7% in the first 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% during 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. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Stock Up 1.2 %

The firm has a 50 day simple moving average of $81.75 and a two-hundred day simple moving average of $74.78. The stock has a market capitalization of $8.12 billion, a P/E ratio of 52.36, a PEG ratio of 2.84 and a beta of 1.49.

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.