Planet Fitness (NYSE:PLNT) Price Target Raised to $100.00 at Bank of America

Planet Fitness (NYSE:PLNT) had its target price hoisted by Bank of America from $95.00 to $100.00 in a report published on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on PLNT. Piper Sandler raised their price objective on Planet Fitness from $80.00 to $89.00 and gave the stock an overweight rating in a research note on Thursday, July 11th. Roth Mkm lifted their price target on shares of Planet Fitness from $73.00 to $88.00 and gave the company a buy rating in a report on Wednesday, August 7th. TD Cowen upgraded shares of Planet Fitness from a hold rating to a buy rating and increased their price objective for the stock from $66.00 to $92.00 in a research note on Monday, June 24th. Morgan Stanley restated an overweight rating and issued a $79.00 target price on shares of Planet Fitness in a research note on Friday, June 14th. Finally, Royal Bank of Canada increased their price target on Planet Fitness from $77.00 to $87.00 and gave the stock an outperform rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $84.87.

Planet Fitness Stock Performance

PLNT opened at $80.84 on Friday. The company has a market capitalization of $6.88 billion, a P/E ratio of 46.46, a PEG ratio of 2.73 and a beta of 1.49. The company has a 50-day moving average of $77.22 and a 200-day moving average of $68.75. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $83.36.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.05. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The firm had revenue of $300.94 million during the quarter, compared to analyst estimates of $290.17 million. During the same period in the previous year, the company earned $0.65 earnings per share. Planet Fitness’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, sell-side analysts expect that Planet Fitness will post 2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total transaction of $497,153.36. Following the sale, the chief accounting officer now directly owns 6,778 shares in the company, valued at approximately $524,549.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Several hedge funds have recently modified their holdings of PLNT. Heritage Oak Wealth Advisors LLC acquired a new position in Planet Fitness during the second quarter worth about $2,013,000. Granite Bay Wealth Management LLC bought a new position in shares of Planet Fitness during the 2nd quarter valued at about $1,391,000. Point72 Asset Management L.P. boosted its position in shares of Planet Fitness by 169.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock valued at $96,985,000 after purchasing an additional 829,509 shares in the last quarter. Quarry LP grew its stake in shares of Planet Fitness by 174.7% in the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 318 shares during the last quarter. Finally, Creative Planning raised its holdings in shares of Planet Fitness by 16.6% in the 2nd quarter. Creative Planning now owns 8,952 shares of the company’s stock worth $659,000 after purchasing an additional 1,277 shares in the last quarter. 95.53% of the stock is currently owned by institutional investors and hedge funds.

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.