Planet Fitness (NYSE:PLNT) Sets New 12-Month High at $84.69

Planet Fitness, Inc. (NYSE:PLNT)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $84.69 and last traded at $84.69, with a volume of 977 shares changing hands. The stock had previously closed at $83.17.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PLNT. Royal Bank of Canada lifted their price target on shares of Planet Fitness from $77.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. DA Davidson reiterated a “neutral” rating and set a $62.00 price target on shares of Planet Fitness in a research report on Friday, June 14th. JPMorgan Chase & Co. lifted their price target on shares of Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. 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 research report on Thursday, September 5th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $87.00 price objective (up from $80.00) on shares of Planet Fitness in a research note on Wednesday, August 7th. Three research 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. Based on data from MarketBeat.com, Planet Fitness presently has a consensus rating of “Moderate Buy” and an average target price of $85.93.

Planet Fitness Trading Up 1.8 %

The company’s 50 day simple moving average is $78.46 and its 200 day simple moving average is $69.66. The stock has a market capitalization of $7.46 billion, a PE ratio of 47.80, a PEG ratio of 2.75 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $300.94 million during the quarter, compared to analysts’ expectations of $290.17 million. During the same period in the previous year, the company earned $0.65 EPS. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, analysts predict that Planet Fitness, Inc. will post 2.44 EPS for the current year.

Insider Activity

In other 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 transaction of $497,153.36. Following the completion of the sale, the chief accounting officer now directly owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings 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 valued at $65,549,000 after acquiring an additional 133,541 shares in the last quarter. Broad Bay Capital Management LP lifted its holdings in Planet Fitness by 15.4% in the 4th quarter. Broad Bay Capital Management LP now owns 1,223,000 shares of the company’s stock worth $89,279,000 after buying an additional 163,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Planet Fitness by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after buying an additional 97,823 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Planet Fitness by 24.9% in the 1st quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock worth $14,335,000 after buying an additional 45,623 shares in the last quarter. Finally, Picton Mahoney Asset Management acquired a new position in Planet Fitness in the 1st quarter worth $1,786,000. Institutional investors and hedge funds 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.