Planet Fitness (NYSE:PLNT) Price Target Increased to $100.00 by Analysts at Bank of America

Planet Fitness (NYSE:PLNT) had its price target upped by research analysts at Bank of America from $95.00 to $100.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 22.61% from the company’s previous close.

A number of other brokerages also recently weighed in on PLNT. TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and raised their price objective for the company from $66.00 to $92.00 in a research note on Monday, June 24th. BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price target (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. DA Davidson reaffirmed a “neutral” rating and set a $62.00 price objective on shares of Planet Fitness in a report on Friday, June 14th. Stifel Nicolaus downgraded shares of Planet Fitness from a “buy” rating to a “hold” rating and dropped their target price for the stock from $80.00 to $70.00 in a report on Friday, May 10th. Finally, BNP Paribas upgraded shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price target for the company in a report on Thursday. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.87.

Planet Fitness Stock Down 0.2 %

Shares of PLNT opened at $81.56 on Friday. The firm has a market cap of $7.19 billion, a price-to-earnings ratio of 46.87, a price-to-earnings-growth ratio of 2.72 and a beta of 1.49. The company’s fifty day moving average is $77.05 and its 200-day moving average is $68.61. Planet Fitness has a 12 month low of $44.13 and a 12 month high of $83.36.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The firm had revenue of $300.94 million during the quarter, compared to analysts’ expectations of $290.17 million. During the same period in the prior year, the company posted $0.65 earnings per share. Planet Fitness’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, research analysts predict that Planet Fitness will post 2.44 earnings per share for the current fiscal year.

Insider Activity

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total value 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 legal filing with the Securities & Exchange Commission, which is available at this link. 5.94% of the stock is currently 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 the stock. Dimensional Fund Advisors LP lifted its position in shares of Planet Fitness by 17.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 897,910 shares of the company’s stock worth $65,549,000 after buying an additional 133,541 shares during the period. Broad Bay Capital Management LP raised its stake in Planet Fitness by 15.4% during the fourth quarter. Broad Bay Capital Management LP now owns 1,223,000 shares of the company’s stock worth $89,279,000 after acquiring an additional 163,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Planet Fitness by 1.2% during the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after acquiring an additional 97,823 shares during the period. Bessemer Group Inc. boosted its stake in shares of Planet Fitness by 24.9% in the 1st quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock valued at $14,335,000 after purchasing an additional 45,623 shares in the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in shares of Planet Fitness in the 1st quarter valued at $1,786,000. 95.53% of the stock is owned by institutional investors and hedge funds.

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.