Planet Fitness (PLNT) Price Target Raised to $45.00

Planet Fitness (NYSE:PLNT) had its price objective lifted by research analysts at Imperial Capital from $40.00 to $45.00 in a research report issued to clients and investors on Friday. The firm presently has an “inline” rating on the stock. Imperial Capital’s target price indicates a potential downside of 13.36% from the stock’s previous close.

A number of other analysts have also weighed in on PLNT. Zacks Investment Research raised Planet Fitness from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research report on Wednesday, April 18th. DA Davidson set a $45.00 price objective on Planet Fitness and gave the stock a “buy” rating in a research report on Monday, April 23rd. ValuEngine raised Planet Fitness from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. Cowen upped their price objective on Planet Fitness from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, June 11th. Finally, Berenberg Bank initiated coverage on Planet Fitness in a research report on Wednesday, June 20th. They set a “buy” rating and a $53.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Planet Fitness has an average rating of “Buy” and an average target price of $49.27.

Planet Fitness traded up $3.15, reaching $51.94, on Friday, according to Marketbeat.com. The stock had a trading volume of 3,689,866 shares, compared to its average volume of 966,541. The firm has a market cap of $4.80 billion, a price-to-earnings ratio of 61.83, a PEG ratio of 2.08 and a beta of 0.52. The company has a quick ratio of 1.70, a current ratio of 1.74 and a debt-to-equity ratio of -5.68. Planet Fitness has a 12-month low of $23.49 and a 12-month high of $53.41.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Thursday, August 9th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. The company had revenue of $140.55 million for the quarter, compared to analyst estimates of $130.99 million. Planet Fitness had a negative return on equity of 76.38% and a net margin of 11.68%. The firm’s quarterly revenue was up 31.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.22 earnings per share. analysts anticipate that Planet Fitness will post 1.12 EPS for the current fiscal year.

In related news, CEO Christopher Rondeau sold 100,000 shares of the stock in a transaction on Wednesday, June 6th. The stock was sold at an average price of $43.38, for a total value of $4,338,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 438,446 shares of company stock worth $20,255,037 in the last ninety days. Corporate insiders own 19.87% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB increased its holdings in Planet Fitness by 46.4% in the first quarter. Xact Kapitalforvaltning AB now owns 11,981 shares of the company’s stock valued at $453,000 after buying an additional 3,800 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Planet Fitness in the second quarter valued at $338,000. AGF Investments Inc. purchased a new position in Planet Fitness in the first quarter valued at $1,889,000. Citigroup Inc. increased its holdings in Planet Fitness by 469.1% in the first quarter. Citigroup Inc. now owns 11,518 shares of the company’s stock valued at $435,000 after buying an additional 9,494 shares during the last quarter. Finally, Swiss National Bank increased its holdings in Planet Fitness by 2.3% in the first quarter. Swiss National Bank now owns 149,185 shares of the company’s stock valued at $5,635,000 after buying an additional 3,300 shares during the last quarter. 94.00% of the stock is currently 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 name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

See Also: Outstanding Shares

Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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