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Planet Fitness (NYSE:PLNT) Upgraded by JPMorgan Chase & Co. to Overweight

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Planet Fitness (NYSE:PLNTGet Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a $78.00 price objective on the stock, up from their prior price objective of $68.00. JPMorgan Chase & Co.‘s price objective points to a potential upside of 15.91% from the company’s current price.

Several other analysts also recently issued reports on PLNT. Robert W. Baird upped their price target on shares of Planet Fitness from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, May 10th. Morgan Stanley reiterated an “overweight” rating and set a $79.00 target price on shares of Planet Fitness in a report on Monday, April 1st. Royal Bank of Canada cut their price target on Planet Fitness from $80.00 to $77.00 and set an “outperform” rating for the company in a report on Friday, May 10th. DA Davidson reaffirmed a “neutral” rating and set a $62.00 price objective on shares of Planet Fitness in a research note on Thursday, May 9th. Finally, Raymond James boosted their target price on shares of Planet Fitness from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, May 10th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $71.86.

Check Out Our Latest Stock Analysis on PLNT

Planet Fitness Price Performance

PLNT opened at $67.30 on Tuesday. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $75.86. The stock has a market cap of $5.93 billion, a P/E ratio of 38.68, a P/E/G ratio of 2.21 and a beta of 1.37. The stock’s 50 day simple moving average is $61.69 and its 200 day simple moving average is $65.61.

Planet Fitness (NYSE:PLNTGet Free Report) last posted its earnings results on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.04. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $249.48 million. During the same quarter in the prior year, the company earned $0.41 earnings per share. Planet Fitness’s revenue was up 11.6% compared to the same quarter last year. Research analysts expect that Planet Fitness will post 2.42 EPS for the current fiscal year.

Institutional Trading of Planet Fitness

A number of institutional investors and hedge funds have recently made changes to their positions in PLNT. Commonwealth Equity Services LLC raised its holdings in shares of Planet Fitness by 679.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 31,978 shares of the company’s stock worth $1,573,000 after purchasing an additional 27,877 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Planet Fitness by 7.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 71,355 shares of the company’s stock valued at $3,509,000 after buying an additional 4,863 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Planet Fitness by 29.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,823 shares of the company’s stock valued at $877,000 after buying an additional 4,080 shares in the last quarter. California Public Employees Retirement System lifted its position in Planet Fitness by 4.1% during the third quarter. California Public Employees Retirement System now owns 155,207 shares of the company’s stock valued at $7,633,000 after buying an additional 6,098 shares in the last quarter. Finally, Larson Financial Group LLC purchased a new stake in Planet Fitness during the third quarter worth approximately $182,000. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Planet Fitness Company Profile

(Get Free Report)

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.

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