Bank of America Boosts Planet Fitness (PLNT) Price Target to $62.00

Planet Fitness (NYSE:PLNT) had its price objective boosted by Bank of America from $60.00 to $62.00 in a research note published on Wednesday, MarketBeat reports. They currently have a buy rating on the stock.

Several other brokerages have also recently commented on PLNT. Zacks Investment Research cut shares of Planet Fitness from a hold rating to a sell rating in a research report on Thursday, November 1st. DA Davidson set a $58.00 price target on shares of Planet Fitness and gave the stock a buy rating in a research report on Tuesday, October 16th. Guggenheim boosted their price target on shares of Planet Fitness from $55.00 to $57.00 and gave the stock a buy rating in a research report on Monday, September 24th. ValuEngine raised shares of Planet Fitness from a buy rating to a strong-buy rating in a research report on Tuesday, August 14th. Finally, JPMorgan Chase & Co. cut shares of Planet Fitness from an overweight rating to a neutral rating and set a $22.00 price target on the stock. in a research report on Monday, August 13th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $52.46.

PLNT traded down $1.62 during trading on Wednesday, hitting $54.99. The company had a trading volume of 974,528 shares, compared to its average volume of 1,280,935. The stock has a market capitalization of $5.47 billion, a P/E ratio of 65.46, a P/E/G ratio of 2.41 and a beta of 0.75. Planet Fitness has a one year low of $28.98 and a one year high of $57.66.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, November 6th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.24 by $0.04. The business had revenue of $136.66 million for the quarter, compared to analysts’ expectations of $126.10 million. Planet Fitness had a net margin of 11.22% and a negative return on equity of 94.59%. The firm’s revenue was up 40.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 EPS. As a group, equities research analysts predict that Planet Fitness will post 1.2 EPS for the current fiscal year.

In other news, CEO Christopher Rondeau sold 1,792 shares of the business’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $50.60, for a total transaction of $90,675.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Dorvin D. Lively sold 105,127 shares of the business’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $51.23, for a total transaction of $5,385,656.21. Following the transaction, the chief financial officer now owns 41,874 shares in the company, valued at $2,145,205.02. The disclosure for this sale can be found here. Insiders have sold a total of 500,226 shares of company stock worth $25,288,012 over the last 90 days. 19.87% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Planet Fitness by 1.5% during the 3rd quarter. BlackRock Inc. now owns 6,120,786 shares of the company’s stock worth $330,705,000 after purchasing an additional 93,335 shares during the last quarter. FMR LLC grew its stake in Planet Fitness by 79.0% in the 3rd quarter. FMR LLC now owns 4,524,429 shares of the company’s stock valued at $244,456,000 after buying an additional 1,997,286 shares during the last quarter. Jennison Associates LLC grew its stake in Planet Fitness by 0.7% in the 2nd quarter. Jennison Associates LLC now owns 2,541,081 shares of the company’s stock valued at $111,655,000 after buying an additional 18,914 shares during the last quarter. American Century Companies Inc. grew its stake in Planet Fitness by 587.6% in the 3rd quarter. American Century Companies Inc. now owns 1,942,277 shares of the company’s stock valued at $104,941,000 after buying an additional 1,659,806 shares during the last quarter. Finally, Artemis Investment Management LLP grew its stake in Planet Fitness by 34.7% in the 3rd quarter. Artemis Investment Management LLP now owns 1,632,687 shares of the company’s stock valued at $88,190,000 after buying an additional 420,233 shares during the last quarter. Institutional investors own 92.92% 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 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.

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Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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