Planet Fitness, Inc. (NYSE:PLNT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Planet Fitness, Inc. (NYSE:PLNT) has been assigned a consensus rating of “Moderate Buy” from the fourteen brokerages that are covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $71.00.

A number of equities research analysts have recently weighed in on PLNT shares. Stifel Nicolaus lowered their target price on Planet Fitness from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, February 23rd. StockNews.com upgraded shares of Planet Fitness from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Morgan Stanley reiterated an “overweight” rating and set a $79.00 price target on shares of Planet Fitness in a report on Monday, April 1st. Piper Sandler raised their price target 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. Finally, Royal Bank of Canada boosted their price objective on shares of Planet Fitness from $74.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, March 5th.

Institutional Trading of Planet Fitness

A number of hedge funds have recently modified their holdings of PLNT. Cadian Capital Management LP boosted its stake in Planet Fitness by 164.7% during the third quarter. Cadian Capital Management LP now owns 4,043,507 shares of the company’s stock worth $198,860,000 after acquiring an additional 2,516,007 shares in the last quarter. Dorsal Capital Management LP bought a new stake in shares of Planet Fitness in the 4th quarter worth approximately $182,500,000. BlackRock Inc. grew its stake in shares of Planet Fitness by 34.8% in the 1st quarter. BlackRock Inc. now owns 7,184,140 shares of the company’s stock worth $606,915,000 after buying an additional 1,852,867 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Planet Fitness by 1,940.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,375,780 shares of the company’s stock worth $100,433,000 after buying an additional 1,308,347 shares during the last quarter. Finally, Greenvale Capital LLP increased its position in Planet Fitness by 291.3% during the 4th quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock valued at $127,103,000 after buying an additional 1,296,140 shares in the last quarter. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Price Performance

Shares of PLNT opened at $58.68 on Friday. Planet Fitness has a 1 year low of $44.13 and a 1 year high of $84.48. The stock has a 50 day simple moving average of $62.77 and a two-hundred day simple moving average of $64.37. The firm has a market cap of $5.17 billion, a P/E ratio of 36.22, a P/E/G ratio of 1.91 and a beta of 1.39.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $285.10 million during 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 was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 EPS. On average, equities analysts anticipate that Planet Fitness will post 2.48 earnings per share for the current year.

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.