Canaccord Genuity Group Boosts Planet Fitness (NYSE:PLNT) Price Target to $130.00

Planet Fitness (NYSE:PLNT) had its price objective raised by analysts at Canaccord Genuity Group from $126.00 to $130.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 22.59% from the stock’s previous close.

Several other research firms have also recently issued reports on PLNT. Raymond James Financial reissued a “strong-buy” rating on shares of Planet Fitness in a research note on Thursday, August 7th. JPMorgan Chase & Co. boosted their price target on Planet Fitness from $108.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. Morgan Stanley increased their target price on Planet Fitness from $112.00 to $119.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Stifel Nicolaus set a $125.00 target price on shares of Planet Fitness in a research report on Thursday. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Planet Fitness in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $114.00.

Planet Fitness Price Performance

NYSE PLNT traded up $2.80 during trading on Friday, hitting $106.04. 2,138,258 shares of the company’s stock traded hands, compared to its average volume of 1,451,031. The firm has a market cap of $8.93 billion, a P/E ratio of 47.13, a PEG ratio of 2.11 and a beta of 1.37. Planet Fitness has a 12-month low of $87.72 and a 12-month high of $114.47. The stock has a fifty day moving average of $98.63 and a two-hundred day moving average of $102.63.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.08. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The business had revenue of $330.35 million for the quarter, compared to analysts’ expectations of $323.95 million. During the same period in the previous year, the firm earned $0.64 EPS. The business’s quarterly revenue was up 13.0% on a year-over-year basis. Planet Fitness has set its FY 2025 guidance at 3.000-3.030 EPS. As a group, analysts expect that Planet Fitness will post 2.51 earnings per share for the current fiscal year.

Institutional Trading of Planet Fitness

A number of hedge funds and other institutional investors have recently modified their holdings of PLNT. Vanguard Group Inc. raised its position in shares of Planet Fitness by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 8,098,481 shares of the company’s stock valued at $782,394,000 after buying an additional 62,716 shares in the last quarter. Emerald Advisers LLC bought a new stake in shares of Planet Fitness in the 1st quarter valued at approximately $528,000. Envestnet Asset Management Inc. boosted its holdings in shares of Planet Fitness by 6.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 177,333 shares of the company’s stock worth $17,132,000 after purchasing an additional 11,437 shares during the period. LPL Financial LLC boosted its holdings in shares of Planet Fitness by 13.9% in the 1st quarter. LPL Financial LLC now owns 50,890 shares of the company’s stock worth $4,810,000 after purchasing an additional 6,228 shares during the period. Finally, Versor Investments LP bought a new position in shares of Planet Fitness during the 1st quarter valued at approximately $1,545,000. 95.53% of the stock is owned by hedge funds and other institutional investors.

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.