Planet Fitness (PLNT) Stock Rating Upgraded by Macquarie

Planet Fitness (NYSE:PLNT) was upgraded by equities researchers at Macquarie from a “neutral” rating to an “outperform” rating in a research note issued to investors on Tuesday, The Fly reports.

Other analysts also recently issued reports about the company. Cowen restated an “average” rating and issued a $85.00 price objective (up from $65.00) on shares of Planet Fitness in a report on Monday, April 29th. Robert W. Baird lifted their price objective on Planet Fitness from $70.00 to $75.00 and gave the company a “positive” rating in a report on Tuesday, April 2nd. Jefferies Financial Group lifted their price objective on Planet Fitness from $75.00 to $85.00 and gave the company a “buy” rating in a report on Friday. ValuEngine downgraded Planet Fitness from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. Finally, Wedbush lifted their price objective on Planet Fitness from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, February 27th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $65.43.

NYSE:PLNT opened at $73.11 on Tuesday. Planet Fitness has a twelve month low of $36.72 and a twelve month high of $77.34. The firm has a market cap of $6.76 billion, a PE ratio of 59.93, a price-to-earnings-growth ratio of 2.52 and a beta of 0.76.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The firm had revenue of $148.82 million during the quarter, compared to the consensus estimate of $153.41 million. Planet Fitness had a negative return on equity of 64.71% and a net margin of 15.91%. The firm’s quarterly revenue was up 22.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 earnings per share. On average, equities research analysts predict that Planet Fitness will post 1.54 EPS for the current year.

In other Planet Fitness news, Director David P. Berg sold 6,291 shares of Planet Fitness stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $61.73, for a total value of $388,343.43. Following the transaction, the director now owns 6,615 shares in the company, valued at $408,343.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher Rondeau sold 200,000 shares of Planet Fitness stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $65.86, for a total value of $13,172,000.00. The disclosure for this sale can be found here. Insiders sold 466,291 shares of company stock worth $29,813,238 in the last quarter. 14.52% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Granite Investment Partners LLC purchased a new position in Planet Fitness in the fourth quarter valued at about $947,000. Bank of America Corp DE grew its stake in shares of Planet Fitness by 0.3% during the fourth quarter. Bank of America Corp DE now owns 887,277 shares of the company’s stock worth $47,576,000 after acquiring an additional 3,040 shares during the last quarter. Vanguard Group Inc grew its stake in shares of Planet Fitness by 3.4% during the third quarter. Vanguard Group Inc now owns 8,597,408 shares of the company’s stock worth $464,518,000 after acquiring an additional 280,726 shares during the last quarter. Meeder Asset Management Inc. grew its stake in shares of Planet Fitness by 99.3% during the fourth quarter. Meeder Asset Management Inc. now owns 570 shares of the company’s stock worth $31,000 after acquiring an additional 284 shares during the last quarter. Finally, Handelsinvest Investeringsforvaltning purchased a new stake in shares of Planet Fitness during the fourth quarter worth about $2,910,000. Institutional investors own 96.02% 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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