Planet Fitness, Inc. (NYSE:PLNT) Receives $79.87 Consensus Target Price from Analysts

Planet Fitness, Inc. (NYSE:PLNT) has been given an average recommendation of “Moderate Buy” by the fifteen research firms that are presently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $79.87.

A number of research firms have recently issued reports on PLNT. JPMorgan Chase & Co. increased their target price on Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Piper Sandler increased their price objective on shares of Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Raymond James boosted their target price on shares of Planet Fitness from $75.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, May 10th. Morgan Stanley reaffirmed an “overweight” rating and set a $79.00 price target on shares of Planet Fitness in a report on Friday, June 14th. Finally, TD Cowen upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $66.00 to $92.00 in a report on Monday, June 24th.

Planet Fitness Price Performance

Shares of PLNT stock opened at $79.19 on Friday. The firm’s 50-day simple moving average is $74.79 and its 200-day simple moving average is $67.36. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $81.64. The firm has a market cap of $6.98 billion, a P/E ratio of 45.51, a PEG ratio of 2.67 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The business had revenue of $300.94 million for the quarter, compared to analyst estimates of $290.17 million. During the same period last year, the company posted $0.65 EPS. The business’s quarterly revenue was up 5.1% on a year-over-year basis. Analysts expect that Planet Fitness will post 2.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Planet Fitness

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction on Wednesday, August 7th. The stock was 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 approximately $524,549.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On Planet Fitness

A number of institutional investors have recently added to or reduced their stakes in PLNT. LRI Investments LLC boosted its position in shares of Planet Fitness by 61.2% during the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after purchasing an additional 153 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Planet Fitness by 1.1% in the first quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company’s stock worth $1,026,000 after buying an additional 174 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Planet Fitness by 0.3% in the fourth quarter. Amalgamated Bank now owns 57,570 shares of the company’s stock valued at $4,203,000 after buying an additional 179 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Planet Fitness by 2.8% in the fourth quarter. Teacher Retirement System of Texas now owns 6,764 shares of the company’s stock valued at $494,000 after buying an additional 182 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of Planet Fitness by 24.4% during the 4th quarter. First Horizon Advisors Inc. now owns 1,006 shares of the company’s stock valued at $73,000 after acquiring an additional 197 shares during the last quarter. 95.53% of the stock is currently owned by institutional investors and hedge funds.

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.