Planet Fitness (PLNT) Lifted to Buy at Zacks Investment Research

Planet Fitness (NYSE:PLNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The brokerage presently has a $63.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 14.57% from the stock’s previous close.

According to Zacks, “Planet Fitness, Inc. franchises and operates fitness centers through its subsidiaries. The company’s operating segments consists of Franchise, Corporate-owned stores and Equipment. It is engaged in licensing and selling franchises under the Planet Fitness trade name, owning and operating fitness centers under the Planet Fitness trade name and selling fitness-related equipment to franchisee-owned stores. Planet Fitness, Inc. is headquartered in Newington, New Hampshire. “

PLNT has been the topic of several other research reports. Wedbush raised their target price on shares of Planet Fitness from $35.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, August 10th. TheStreet upgraded shares of Planet Fitness from a “c-” rating to a “b” rating in a report on Monday, August 6th. DA Davidson raised their target price on shares of Planet Fitness to $56.00 and gave the stock a “buy” rating in a report on Monday, July 23rd. Guggenheim raised their target price on shares of Planet Fitness from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, September 24th. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $60.00 target price on shares of Planet Fitness in a report on Sunday, August 12th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Planet Fitness has a consensus rating of “Buy” and an average price target of $52.46.

PLNT stock opened at $54.99 on Friday. The company has a market cap of $5.47 billion, a price-to-earnings ratio of 65.46, a price-to-earnings-growth ratio of 2.41 and a beta of 0.75. Planet Fitness has a one year low of $28.98 and a one year high of $57.66.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Tuesday, November 6th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.24 by $0.04. The firm had revenue of $136.66 million for the quarter, compared to the consensus estimate of $126.10 million. Planet Fitness had a net margin of 11.22% and a negative return on equity of 94.59%. The business’s revenue was up 40.2% compared to the same quarter last year. During the same period last year, the firm posted $0.19 earnings per share. As a group, sell-side analysts predict that Planet Fitness will post 1.2 EPS for the current fiscal year.

In other news, CEO Christopher Rondeau sold 82,214 shares of Planet Fitness stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $50.16, for a total value of $4,123,854.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Dorvin D. Lively sold 31,893 shares of Planet Fitness stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $50.82, for a total value of $1,620,802.26. Following the completion of the transaction, the chief financial officer now directly owns 31,893 shares of the company’s stock, valued at approximately $1,620,802.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 500,226 shares of company stock worth $25,288,012. Company insiders own 19.87% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of PLNT. Mckinley Capital Management LLC Delaware purchased a new position in shares of Planet Fitness in the 3rd quarter worth about $136,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Planet Fitness in the 3rd quarter worth about $156,000. Sawtooth Solutions LLC purchased a new position in shares of Planet Fitness in the 3rd quarter worth about $218,000. Verition Fund Management LLC purchased a new position in shares of Planet Fitness in the 2nd quarter worth about $223,000. Finally, NumerixS Investment Technologies Inc raised its position in shares of Planet Fitness by 47.4% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 5,306 shares of the company’s stock worth $230,000 after purchasing an additional 1,706 shares during the last quarter. 92.92% 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 name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

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