Zacks Investment Research upgraded shares of Planet Fitness, Inc. (NYSE:PLNT) from a hold rating to a buy rating in a research note published on Wednesday morning. The firm currently has $29.00 target price on the stock.
According to Zacks, “Planet Fitness, Inc. franchises and operates fitness centers through its subsidiaries. The company’s operating segments consists of Franchise, Corporate-owned stores and Equipment. It is engaged in licensing and selling franchises under the Planet Fitness trade name, owning and operating fitness centers under the Planet Fitness trade name and selling fitness-related equipment to franchisee-owned stores. Planet Fitness, Inc. is headquartered in Newington, New Hampshire. “
PLNT has been the subject of a number of other research reports. BidaskClub lowered Planet Fitness from a hold rating to a sell rating in a report on Sunday, July 9th. Jefferies Group LLC reaffirmed a buy rating and set a $29.00 target price on shares of Planet Fitness in a report on Thursday, September 14th. Imperial Capital lifted their target price on Planet Fitness from $25.00 to $28.00 and gave the company an outperform rating in a report on Tuesday, August 15th. Robert W. Baird reaffirmed an outperform rating and set a $31.00 target price (up previously from $28.00) on shares of Planet Fitness in a report on Wednesday, October 4th. Finally, Cowen and Company reaffirmed an outperform rating and set a $28.00 target price (up previously from $23.00) on shares of Planet Fitness in a report on Thursday, August 10th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $28.00.
Shares of Planet Fitness (NYSE PLNT) opened at 26.21 on Wednesday. The firm has a market capitalization of $2.24 billion, a P/E ratio of 45.19 and a beta of 0.86. Planet Fitness has a 52 week low of $19.17 and a 52 week high of $27.22. The firm’s 50-day moving average is $26.38 and its 200-day moving average is $26.38.
Planet Fitness (NYSE:PLNT) last posted its earnings results on Wednesday, August 9th. The company reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.03. The business had revenue of $107.31 million during the quarter, compared to analyst estimates of $101.99 million. Planet Fitness had a negative return on equity of 57.01% and a net margin of 8.77%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.17 EPS. Equities analysts anticipate that Planet Fitness will post $0.47 EPS for the current year.
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In other Planet Fitness news, CEO Christopher Rondeau sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 4th. The stock was sold at an average price of $26.43, for a total value of $528,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.87% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Geneva Advisors LLC boosted its stake in Planet Fitness by 4.1% in the second quarter. Geneva Advisors LLC now owns 40,691 shares of the company’s stock worth $950,000 after buying an additional 1,600 shares in the last quarter. Wolverine Trading LLC boosted its stake in Planet Fitness by 24.5% in the second quarter. Wolverine Trading LLC now owns 11,704 shares of the company’s stock worth $274,000 after buying an additional 2,304 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in Planet Fitness by 2.7% in the second quarter. Public Employees Retirement System of Ohio now owns 89,498 shares of the company’s stock worth $2,089,000 after buying an additional 2,369 shares in the last quarter. AHL Partners LLP boosted its stake in Planet Fitness by 11.0% in the second quarter. AHL Partners LLP now owns 27,748 shares of the company’s stock worth $648,000 after buying an additional 2,756 shares in the last quarter. Finally, Fortaleza Asset Management Inc. boosted its stake in Planet Fitness by 57.9% in the second quarter. Fortaleza Asset Management Inc. now owns 7,830 shares of the company’s stock worth $183,000 after buying an additional 2,870 shares in the last quarter.
About Planet Fitness
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise; Corporate-owned stores, and Equipment. The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.
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