Planet Fitness (NYSE:PLNT) Price Target Raised to $89.00

Planet Fitness (NYSE:PLNT) had its price objective raised by Morgan Stanley from $84.00 to $89.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

PLNT has been the subject of several other reports. BMO Capital Markets reissued an “outperform” rating and set a $87.00 target price (up from $80.00) on shares of Planet Fitness in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on Planet Fitness from $78.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. BNP Paribas raised Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 target price for the company in a report on Thursday, September 5th. Piper Sandler lifted their price target on Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Planet Fitness in a report on Friday, September 27th. They issued a “hold” rating and a $71.00 target price for the company. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $85.93.

Planet Fitness Stock Up 0.1 %

Shares of NYSE PLNT opened at $78.54 on Tuesday. The stock has a market cap of $6.93 billion, a P/E ratio of 45.32, a P/E/G ratio of 2.74 and a beta of 1.49. The firm’s 50-day simple moving average is $81.32 and its 200 day simple moving average is $73.69. Planet Fitness has a fifty-two week low of $53.31 and a fifty-two week high of $85.08.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, August 6th. The company reported $0.71 EPS 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 firm had revenue of $300.94 million for the quarter, compared to analysts’ expectations of $290.17 million. During the same quarter in the previous year, the company earned $0.65 earnings per share. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Planet Fitness will post 2.43 earnings per share for the current fiscal year.

Insider Activity at Planet Fitness

In other news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction that occurred 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 directly owns 6,778 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake 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 purchasing an additional 97,823 shares during the last quarter. Bessemer Group Inc. increased 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 buying an additional 45,623 shares during the period. Picton Mahoney Asset Management bought a new stake in shares of Planet Fitness during the first quarter worth $1,786,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Planet Fitness by 5.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 223,841 shares of the company’s stock valued at $14,019,000 after acquiring an additional 10,564 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its holdings in Planet Fitness by 4.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 92,400 shares of the company’s stock valued at $5,787,000 after acquiring an additional 3,860 shares during the last quarter. 95.53% of the stock is owned by institutional investors.

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.