Planet Fitness (NYSE:PLNT) PT Raised to $90.00 at Piper Sandler

Planet Fitness (NYSE:PLNT) had its price target boosted by analysts at Piper Sandler from $81.00 to $90.00 in a research note issued to investors on Tuesday, The Fly reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 8.80% from the company’s current price.

Several other research analysts also recently issued reports on PLNT. DA Davidson raised their price objective on shares of Planet Fitness from $66.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, November 6th. Zacks Investment Research raised shares of Planet Fitness from a “sell” rating to a “hold” rating and set a $66.00 price objective on the stock in a report on Tuesday, October 6th. BNP Paribas began coverage on shares of Planet Fitness in a research report on Friday, November 13th. They set an “underperform” rating and a $55.00 target price for the company. BMO Capital Markets lifted their target price on shares of Planet Fitness from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, December 14th. Finally, Exane BNP Paribas began coverage on shares of Planet Fitness in a research report on Friday, November 13th. They set an “underperform” rating and a $55.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. Planet Fitness presently has a consensus rating of “Hold” and an average target price of $71.13.

Shares of NYSE:PLNT opened at $82.72 on Tuesday. The company’s fifty day moving average price is $76.45 and its 200 day moving average price is $64.67. Planet Fitness has a 12 month low of $23.77 and a 12 month high of $88.77. The firm has a market capitalization of $7.16 billion, a P/E ratio of 196.95, a P/E/G ratio of 33.12 and a beta of 1.13.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.10). Planet Fitness had a negative return on equity of 9.31% and a net margin of 6.63%. The company had revenue of $105.38 million for the quarter, compared to analyst estimates of $109.02 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. Planet Fitness’s revenue was down 36.8% compared to the same quarter last year. Research analysts anticipate that Planet Fitness will post 0.24 EPS for the current fiscal year.

In other news, CEO Christopher Rondeau sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $79.04, for a total value of $11,856,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Dorvin D. Lively sold 56,997 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $75.05, for a total transaction of $4,277,624.85. The disclosure for this sale can be found here. In the last three months, insiders sold 505,703 shares of company stock valued at $38,517,224. Company insiders own 9.33% of the company’s stock.

A number of hedge funds have recently modified their holdings of PLNT. Nisa Investment Advisors LLC acquired a new position in Planet Fitness during the third quarter worth approximately $92,000. Bank of Montreal Can grew its stake in Planet Fitness by 352.6% during the second quarter. Bank of Montreal Can now owns 1,738 shares of the company’s stock worth $98,000 after buying an additional 1,354 shares during the period. AJO LP purchased a new stake in Planet Fitness during the third quarter worth approximately $113,000. Private Advisor Group LLC purchased a new stake in Planet Fitness during the second quarter worth approximately $139,000. Finally, Prudential Financial Inc. purchased a new stake in Planet Fitness during the second quarter worth approximately $205,000.

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, Panama, Mexico, and Australia.

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Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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