Planet Fitness (NYSE:PLNT) Hits New 12-Month High at $83.60

Planet Fitness, Inc. (NYSE:PLNT)’s share price hit a new 52-week high on Friday . The company traded as high as $83.60 and last traded at $83.53, with a volume of 40654 shares changing hands. The stock had previously closed at $82.31.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PLNT shares. Bank of America lifted their target price on Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 6th. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and lifted their target price for the company from $62.00 to $100.00 in a report on Monday, June 10th. BNP Paribas upgraded Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 target price on the stock in a report on Thursday, September 5th. TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and lifted their target price for the company from $66.00 to $92.00 in a report on Monday, June 24th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $92.00 target price on shares of Planet Fitness in a report on Monday, August 26th. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Planet Fitness currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.87.

Planet Fitness Price Performance

The firm has a market capitalization of $7.27 billion, a PE ratio of 47.35, a price-to-earnings-growth ratio of 2.72 and a beta of 1.49. The stock has a 50-day moving average price of $77.85 and a 200-day moving average price of $69.23.

Planet Fitness (NYSE:PLNT) last announced its earnings results 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 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 in the previous year, the company earned $0.65 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities research analysts predict that Planet Fitness, Inc. will post 2.44 earnings per share for the current fiscal year.

Insider Transactions at Planet Fitness

In related news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total value of $497,153.36. Following the completion of the transaction, the chief accounting officer now directly owns 6,778 shares in the company, valued at $524,549.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

A number of hedge funds have recently bought and sold shares of PLNT. Dorsal Capital Management LP acquired a new position in Planet Fitness in the fourth quarter worth about $182,500,000. William Blair Investment Management LLC acquired a new position in Planet Fitness in the second quarter valued at approximately $166,978,000. Anomaly Capital Management LP acquired a new position in Planet Fitness in the second quarter valued at approximately $106,795,000. Greenvale Capital LLP boosted its stake in Planet Fitness by 291.3% in the fourth quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock valued at $127,103,000 after acquiring an additional 1,296,140 shares during the period. Finally, Norges Bank acquired a new position in Planet Fitness in the fourth quarter valued at approximately $65,674,000. 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.