Planet Fitness (NYSE:PLNT) Stock Rating Lowered by Stifel Nicolaus

Planet Fitness (NYSE:PLNT) was downgraded by equities research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, MarketBeat reports. They currently have a $70.00 target price on the stock, down from their prior target price of $80.00. Stifel Nicolaus’ target price would suggest a potential upside of 7.20% from the stock’s previous close.

PLNT has been the subject of a number of other research reports. StockNews.com raised shares of Planet Fitness from a “sell” rating to a “hold” rating in a research note on Wednesday. DA Davidson reiterated a “neutral” rating and issued a $62.00 target price on shares of Planet Fitness in a research report on Monday, February 5th. JPMorgan Chase & Co. lowered their price target on Planet Fitness from $75.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, February 26th. Piper Sandler upped their price objective on 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 raised their price objective on Planet Fitness from $74.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Planet Fitness currently has an average rating of “Moderate Buy” and an average price target of $69.50.

Planet Fitness Price Performance

PLNT opened at $65.30 on Friday. The firm has a market capitalization of $5.76 billion, a P/E ratio of 40.31, a price-to-earnings-growth ratio of 1.93 and a beta of 1.37. Planet Fitness has a one year low of $44.13 and a one year high of $75.86. The company has a fifty day moving average price of $61.48 and a 200-day moving average price of $65.21.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The business had revenue of $285.10 million for the quarter, compared to analyst estimates of $282.35 million. During the same period in the prior year, the company earned $0.53 EPS. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. On average, analysts expect that Planet Fitness will post 2.48 earnings per share for the current year.

Hedge Funds Weigh In On Planet Fitness

A number of hedge funds have recently modified their holdings of the company. SG Americas Securities LLC raised its holdings in shares of Planet Fitness by 18.1% during the third quarter. SG Americas Securities LLC now owns 7,741 shares of the company’s stock valued at $381,000 after acquiring an additional 1,186 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Planet Fitness by 679.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 31,978 shares of the company’s stock worth $1,573,000 after purchasing an additional 27,877 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Planet Fitness by 7.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 71,355 shares of the company’s stock valued at $3,509,000 after purchasing an additional 4,863 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Planet Fitness by 29.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,823 shares of the company’s stock valued at $877,000 after buying an additional 4,080 shares during the period. Finally, Sandy Spring Bank raised its stake in Planet Fitness by 125.0% in the third quarter. Sandy Spring Bank now owns 4,500 shares of the company’s stock worth $221,000 after buying an additional 2,500 shares in the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

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.