Raymond James Raises Planet Fitness (NYSE:PLNT) Price Target to $80.00

Planet Fitness (NYSE:PLNT) had its price target raised by equities research analysts at Raymond James from $75.00 to $80.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “strong-buy” rating on the stock. Raymond James’ price target would suggest a potential upside of 23.65% from the company’s current price.

PLNT has been the topic of several other research reports. JPMorgan Chase & Co. reduced their price target on shares of Planet Fitness from $75.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, February 26th. Morgan Stanley reaffirmed an “overweight” rating and set a $79.00 price target on shares of Planet Fitness in a research report on Monday, April 1st. Piper Sandler increased their price target on shares of Planet Fitness from $88.00 to $89.00 and gave the stock an “overweight” rating in a research report on Thursday, January 11th. Royal Bank of Canada dropped their price objective on shares of Planet Fitness from $80.00 to $77.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Robert W. Baird increased their price objective on shares of Planet Fitness from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Friday. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $71.43.

Planet Fitness Stock Performance

Shares of NYSE:PLNT traded down $0.62 during midday trading on Friday, hitting $64.70. 1,312,130 shares of the company’s stock traded hands, compared to its average volume of 1,711,318. The company has a market cap of $5.70 billion, a PE ratio of 39.89, a P/E/G ratio of 1.93 and a beta of 1.37. The firm’s fifty day moving average price is $61.48 and its two-hundred day moving average price is $65.21. Planet Fitness has a twelve month low of $44.13 and a twelve month high of $75.86.

Planet Fitness (NYSE:PLNT) 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. The business had revenue of $248.00 million for the quarter, compared to analyst estimates of $249.48 million. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 EPS. As a group, equities research analysts anticipate that Planet Fitness will post 2.48 EPS for the current fiscal year.

Institutional Trading of Planet Fitness

A number of large investors have recently added to or reduced their stakes in PLNT. Picton Mahoney Asset Management purchased a new position in shares of Planet Fitness in the first quarter worth approximately $1,786,000. State Board of Administration of Florida Retirement System lifted its stake in Planet Fitness by 4.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 92,400 shares of the company’s stock valued at $5,787,000 after acquiring an additional 3,860 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Planet Fitness by 4.6% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 125,696 shares of the company’s stock valued at $7,872,000 after purchasing an additional 5,535 shares during the period. Russell Investments Group Ltd. raised its position in shares of Planet Fitness by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 13,587 shares of the company’s stock valued at $851,000 after purchasing an additional 1,057 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of Planet Fitness in the first quarter valued at approximately $148,000. 95.53% of the stock is currently owned by institutional investors.

About Planet Fitness

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.