Planet Fitness (NYSE:PLNT) Price Target Raised to $75.00

Planet Fitness (NYSE:PLNT) had its price objective hoisted by analysts at Stifel Nicolaus from $70.00 to $75.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Stifel Nicolaus’ price target would suggest a potential downside of 4.76% from the company’s previous close.

Several other research firms also recently weighed in on PLNT. TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and raised their price target for the stock from $66.00 to $92.00 in a research report on Monday, June 24th. Roth Mkm raised their price target on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Robert W. Baird reissued an “outperform” rating and set a $92.00 price target on shares of Planet Fitness in a research report on Monday, August 26th. Piper Sandler raised their price target on Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Finally, Bank of America raised their price target on Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.27.

Planet Fitness Stock Performance

Shares of PLNT stock opened at $78.75 on Wednesday. The stock has a fifty day moving average price of $81.22 and a 200 day moving average price of $72.57. The stock has a market cap of $6.94 billion, a PE ratio of 45.26, a P/E/G ratio of 2.69 and a beta of 1.49. Planet Fitness has a 1 year low of $52.38 and a 1 year high of $85.08.

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 the consensus estimate of $0.66 by $0.05. The firm had revenue of $300.94 million during the quarter, compared to analysts’ expectations of $290.17 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. Planet Fitness’s revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 earnings per share. As a group, equities research analysts predict that Planet Fitness will post 2.44 earnings per share for the current year.

Insider Buying and Selling at Planet Fitness

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was 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 owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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. Fidelis Capital Partners LLC purchased a new stake in Planet Fitness during the first quarter valued at about $27,000. GAMMA Investing LLC grew its position in Planet Fitness by 478.8% during the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after acquiring an additional 316 shares during the period. LRI Investments LLC grew its position in Planet Fitness by 61.2% during the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after acquiring an additional 153 shares during the period. Quarry LP lifted its stake in shares of Planet Fitness by 174.7% during the second quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 318 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its stake in shares of Planet Fitness by 69.8% during the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after purchasing an additional 201 shares in the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

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.