StockNews.com upgraded shares of Planet Fitness (NYSE:PLNT – Free Report) from a sell rating to a hold rating in a research report sent to investors on Wednesday.
Several other equities analysts also recently commented on PLNT. Royal Bank of Canada raised their target price on Planet Fitness from $74.00 to $80.00 and gave the stock an outperform rating in a research report on Tuesday, March 5th. Stifel Nicolaus cut their price objective on Planet Fitness from $85.00 to $80.00 and set a buy rating for the company in a report on Friday, February 23rd. Piper Sandler upped their target price on shares of Planet Fitness from $88.00 to $89.00 and gave the stock an overweight rating in a report on Thursday, January 11th. Morgan Stanley reiterated an overweight rating and set a $79.00 target price on shares of Planet Fitness in a research report on Monday, April 1st. Finally, DA Davidson restated a neutral rating and issued a $62.00 price target on shares of Planet Fitness in a research report on Monday, February 5th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $70.21.
Read Our Latest Stock Analysis on PLNT
Planet Fitness Price Performance
Shares of Planet Fitness stock opened at $61.86 on Wednesday. Planet Fitness has a 52-week low of $44.13 and a 52-week high of $75.86. The firm has a market capitalization of $5.45 billion, a PE ratio of 38.19, a price-to-earnings-growth ratio of 1.93 and a beta of 1.37. The company’s fifty day moving average price is $61.42 and its two-hundred day moving average price is $65.21.
Planet Fitness (NYSE:PLNT – Get Free Report) last posted its earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The business had revenue of $285.10 million for the quarter, compared to analysts’ expectations of $282.35 million. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.53 earnings per share. Analysts predict that Planet Fitness will post 2.48 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Planet Fitness by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 8,076,794 shares of the company’s stock worth $589,606,000 after buying an additional 196,809 shares during the last quarter. Cadian Capital Management LP raised its position in shares of Planet Fitness by 9.6% during the 4th quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock valued at $323,417,000 after acquiring an additional 386,861 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Planet Fitness by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 2,592,136 shares of the company’s stock valued at $162,345,000 after purchasing an additional 66,139 shares during the period. Dorsal Capital Management LP acquired a new position in shares of Planet Fitness in the 4th quarter valued at $182,500,000. Finally, Point72 Asset Management L.P. boosted its position in shares of Planet Fitness by 39.1% in the 4th quarter. Point72 Asset Management L.P. now owns 1,837,231 shares of the company’s stock worth $134,118,000 after purchasing an additional 516,790 shares during the last quarter. 95.53% of the stock is currently owned by institutional investors.
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.
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