Planet Fitness (NYSE:PLNT) Reaches New 12-Month High – What’s Next?

Planet Fitness, Inc. (NYSE:PLNT) shares reached a new 52-week high on Thursday . The company traded as high as $110.00 and last traded at $109.57, with a volume of 293434 shares changing hands. The stock had previously closed at $107.51.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $120.00 price objective on shares of Planet Fitness in a research note on Wednesday, January 15th. Piper Sandler lifted their price objective on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Raymond James raised their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a report on Friday, November 8th. Robert W. Baird upped their target price 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. Finally, Morgan Stanley increased their target price on shares of Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $97.69.

Planet Fitness Stock Performance

The firm’s 50-day simple moving average is $101.84 and its 200-day simple moving average is $88.83. The company has a market capitalization of $9.15 billion, a price-to-earnings ratio of 58.15, a price-to-earnings-growth ratio of 2.66 and a beta of 1.52.

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

Insider Transactions at Planet Fitness

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

Hedge Funds Weigh In On Planet Fitness

Several institutional investors have recently bought and sold shares of PLNT. AQR Capital Management LLC bought a new stake in Planet Fitness during the 2nd quarter worth about $207,000. The Manufacturers Life Insurance Company boosted its position in Planet Fitness by 0.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 74,918 shares of the company’s stock valued at $5,513,000 after buying an additional 463 shares during the last quarter. Creative Planning raised its position in shares of Planet Fitness by 16.6% during the second quarter. Creative Planning now owns 8,952 shares of the company’s stock worth $659,000 after acquiring an additional 1,277 shares during the last quarter. Quarry LP boosted its holdings in Planet Fitness by 174.7% in the second quarter. Quarry LP now owns 500 shares of the company’s stock valued at $37,000 after acquiring an additional 318 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in Planet Fitness by 2.0% in the third quarter. SG Americas Securities LLC now owns 14,793 shares of the company’s stock worth $1,201,000 after purchasing an additional 296 shares during the period. Institutional investors own 95.53% of the company’s stock.

About Planet Fitness

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.