Planet Fitness (NYSE:PLNT) Hits New 1-Year High Following Analyst Upgrade

Planet Fitness, Inc. (NYSE:PLNT) shares hit a new 52-week high during trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $110.00 to $120.00. Royal Bank of Canada currently has an outperform rating on the stock. Planet Fitness traded as high as $102.90 and last traded at $102.33, with a volume of 519533 shares. The stock had previously closed at $99.02.

Several other equities analysts also recently commented on the company. Macquarie restated a “neutral” rating and set a $99.00 target price (up previously from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Bank of America lifted their price objective on Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 6th. DA Davidson boosted their target price on shares of Planet Fitness from $70.00 to $87.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. JPMorgan Chase & Co. increased their target price on shares of Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Stifel Nicolaus lifted their price target on shares of Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Planet Fitness presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.00.

Insider Activity

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the sale, the insider now directly owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PLNT. 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 bought a new stake in shares of Planet Fitness during the 2nd quarter valued at $106,795,000. Point72 Asset Management L.P. lifted its stake in shares of Planet Fitness by 169.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock valued at $96,985,000 after purchasing an additional 829,509 shares during the period. FMR LLC boosted its position in shares of Planet Fitness by 666.9% in the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock worth $64,609,000 after purchasing an additional 691,761 shares during the last quarter. Finally, Dorsal Capital Management LP grew its stake in shares of Planet Fitness by 7.7% during the second quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock worth $213,940,000 after purchasing an additional 207,193 shares during the period. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Stock Down 4.3 %

The business has a fifty day moving average of $91.42 and a 200 day moving average of $82.02. The firm has a market cap of $8.24 billion, a P/E ratio of 52.39, a P/E/G ratio of 3.33 and a beta of 1.53.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company had revenue of $292.20 million during the quarter, compared to analysts’ expectations of $283.79 million. During the same period in the prior year, the business posted $0.59 EPS. Planet Fitness’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts expect that Planet Fitness, Inc. will post 2.5 EPS for the current fiscal year.

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.