DA Davidson Issues Positive Forecast for Planet Fitness (NYSE:PLNT) Stock Price

Planet Fitness (NYSE:PLNT) had its target price boosted by DA Davidson from $70.00 to $87.00 in a report published on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

PLNT has been the topic of a number of other reports. Morgan Stanley lifted their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. BMO Capital Markets reissued an “outperform” rating and issued a $87.00 target price (up previously from $80.00) on shares of Planet Fitness in a report on Wednesday, August 7th. Royal Bank of Canada upped their price target on Planet Fitness from $87.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. raised their target price on shares of Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Robert W. Baird boosted their price target on Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Five 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $93.38.

Planet Fitness Stock Performance

Shares of Planet Fitness stock opened at $99.55 on Friday. The company has a market capitalization of $8.42 billion, a P/E ratio of 53.52, a PEG ratio of 3.31 and a beta of 1.49. Planet Fitness has a 1 year low of $54.35 and a 1 year high of $102.81. The company’s fifty day moving average is $86.75 and its two-hundred day moving average is $78.73.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07. The firm had revenue of $292.20 million for the quarter, compared to analysts’ expectations of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 EPS. As a group, equities analysts expect that Planet Fitness will post 2.5 earnings per share for the current year.

Insider Buying and Selling

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of Planet Fitness 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 transaction, the insider now owns 19,110 shares of the company’s stock, valued at $1,838,382. The trade was a 37.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 5.94% of the company’s stock.

Institutional Trading of Planet Fitness

Several institutional investors have recently made changes to their positions in the stock. Dorsal Capital Management LP boosted its position in Planet Fitness by 7.7% during the second quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock valued at $213,940,000 after purchasing an additional 207,193 shares during the last quarter. State Street Corp lifted its holdings in shares of Planet Fitness by 1.5% during the 3rd quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after buying an additional 37,236 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of Planet Fitness in the 2nd quarter valued at approximately $166,978,000. Anomaly Capital Management LP bought a new stake in shares of Planet Fitness in the 2nd quarter valued at approximately $106,795,000. Finally, Point72 Asset Management L.P. increased its holdings in Planet Fitness by 169.8% in the second quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after buying an additional 829,509 shares during the last quarter. 95.53% of the stock is currently owned by institutional investors and hedge funds.

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.