Planet Fitness (NYSE:PLNT) Hits New 52-Week High – What’s Next?

Shares of Planet Fitness, Inc. (NYSE:PLNT) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $108.10 and last traded at $108.06, with a volume of 1467716 shares changing hands. The stock had previously closed at $104.46.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Planet Fitness in a research report on Friday, September 27th. They set a “hold” rating and a $71.00 price objective on the stock. Morgan Stanley lifted their price target on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. Robert W. Baird upped their price objective on shares of Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $120.00 target price on shares of Planet Fitness in a research note on Wednesday, January 15th. Finally, Piper Sandler increased their price target on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Five equities research 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $97.69.

Planet Fitness Stock Performance

The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of 56.74, a P/E/G ratio of 2.67 and a beta of 1.52. The firm has a 50-day simple moving average of $100.84 and a two-hundred day simple moving average of $87.46.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.57 by $0.07. The business had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.59 earnings per share. As a group, equities analysts forecast that Planet Fitness, Inc. will post 2.5 EPS for the current fiscal year.

Insider Activity at Planet Fitness

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the transaction, the insider now owns 19,110 shares in the company, valued at $1,838,382. The trade was a 37.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Planet Fitness

A number of institutional investors and hedge funds have recently modified their holdings of PLNT. R Squared Ltd purchased a new stake in Planet Fitness during the 4th quarter worth about $39,000. Moody Aldrich Partners LLC acquired a new stake in shares of Planet Fitness during the 4th quarter worth about $330,000. KBC Group NV lifted its stake in Planet Fitness by 23.1% during the fourth quarter. KBC Group NV now owns 3,081 shares of the company’s stock worth $305,000 after purchasing an additional 578 shares during the last quarter. Cetera Trust Company N.A lifted its stake in Planet Fitness by 5.2% during the fourth quarter. Cetera Trust Company N.A now owns 2,710 shares of the company’s stock worth $268,000 after purchasing an additional 135 shares during the last quarter. Finally, Beaumont Financial Advisors LLC acquired a new position in Planet Fitness in the fourth quarter valued at approximately $202,000. Institutional investors and hedge funds 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.