Planet Fitness (NYSE:PLNT) Research Coverage Started at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft assumed coverage on shares of Planet Fitness (NYSE:PLNT) in a research note issued to investors on Friday, Benzinga reports. The firm set a “hold” rating and a $71.00 price target on the stock. Deutsche Bank Aktiengesellschaft’s target price points to a potential downside of 14.18% from the company’s previous close.

Other research analysts have also issued research reports about the company. Bank of America raised their price objective on Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, September 6th. TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and raised their price target for the company from $66.00 to $92.00 in a report on Monday, June 24th. BNP Paribas raised 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. DA Davidson reissued a “neutral” rating and set a $62.00 price objective on shares of Planet Fitness in a research report on Friday, June 14th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Four investment 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $84.93.

Planet Fitness Stock Performance

Planet Fitness stock opened at $82.73 on Friday. Planet Fitness has a fifty-two week low of $44.95 and a fifty-two week high of $85.08. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of 47.55, a PEG ratio of 2.74 and a beta of 1.49. The stock’s 50 day simple moving average is $79.30 and its two-hundred day simple moving average is $70.40.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. The company had revenue of $300.94 million for 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%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 earnings per share. On average, analysts predict that Planet Fitness will post 2.44 earnings per share for the current year.

Insider Buying and Selling at Planet Fitness

In related news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction on 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 sale, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at $524,549.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.94% of the company’s stock.

Institutional Trading of Planet Fitness

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLNT. Heritage Oak Wealth Advisors LLC bought a new stake in Planet Fitness during the second quarter valued at about $2,013,000. Granite Bay Wealth Management LLC purchased a new stake in Planet Fitness in the 2nd quarter worth approximately $1,391,000. Point72 Asset Management L.P. increased its holdings in 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 worth $96,985,000 after acquiring an additional 829,509 shares in the last quarter. Quarry LP raised its stake in Planet Fitness by 174.7% during the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 318 shares during the period. Finally, Creative Planning lifted its holdings in Planet Fitness by 16.6% during the second quarter. Creative Planning now owns 8,952 shares of the company’s stock valued at $659,000 after purchasing an additional 1,277 shares in the last quarter. 95.53% of the stock is owned by hedge funds and other 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.