Planet Fitness (NYSE:PLNT) Rating Increased to Buy at TD Cowen

Planet Fitness (NYSE:PLNT) was upgraded by research analysts at TD Cowen from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, MarketBeat reports. The firm presently has a $92.00 price objective on the stock, up from their prior price objective of $66.00. TD Cowen’s target price suggests a potential upside of 26.50% from the company’s previous close.

PLNT has been the topic of a number of other research reports. DA Davidson restated a “neutral” rating and issued a $62.00 price objective on shares of Planet Fitness in a report on Friday, June 14th. Royal Bank of Canada cut their target price on Planet Fitness from $80.00 to $77.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Robert W. Baird raised their target price on Planet Fitness from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Friday, May 10th. JPMorgan Chase & Co. raised Planet Fitness from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $68.00 to $78.00 in a research note on Tuesday, May 14th. Finally, StockNews.com raised Planet Fitness from a “sell” rating to a “hold” rating in a research note on Wednesday, May 8th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Planet Fitness currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.64.

Planet Fitness Price Performance

Shares of NYSE:PLNT opened at $72.73 on Monday. The business’s 50 day moving average price is $64.45 and its 200-day moving average price is $66.34. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 41.80, a price-to-earnings-growth ratio of 2.45 and a beta of 1.43. Planet Fitness has a 1 year low of $44.13 and a 1 year high of $75.86.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $249.48 million. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. On average, sell-side analysts expect that Planet Fitness will post 2.43 earnings per share for the current year.

Hedge Funds Weigh In On Planet Fitness

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Planet Fitness by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after buying an additional 97,823 shares during the period. Cadian Capital Management LP lifted its stake in Planet Fitness by 9.6% during the fourth quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock worth $323,417,000 after purchasing an additional 386,861 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Planet Fitness by 2.6% during the first quarter. Bank of New York Mellon Corp now owns 2,592,136 shares of the company’s stock worth $162,345,000 after purchasing an additional 66,139 shares during the last quarter. Dorsal Capital Management LP acquired a new position in Planet Fitness during the fourth quarter worth approximately $182,500,000. Finally, Price T Rowe Associates Inc. MD increased its position 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 buying an additional 483,586 shares during the period. 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.