Planet Fitness (NYSE:PLNT) Reaches New 12-Month High – Here’s What Happened

Shares of Planet Fitness, Inc. (NYSE:PLNT) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $104.46 and last traded at $104.03, with a volume of 144403 shares changing hands. The stock had previously closed at $101.55.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PLNT. DA Davidson upped their price target on Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Macquarie reiterated a “neutral” rating and issued a $99.00 price target (up previously from $91.00) on shares of Planet Fitness in a research note on Friday, November 8th. Morgan Stanley increased their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. Robert W. Baird lifted their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Planet Fitness in a report on Friday, September 27th. They set a “hold” rating and a $71.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Planet Fitness has an average rating of “Moderate Buy” and a consensus target price of $96.13.

Planet Fitness Stock Up 2.2 %

The company has a market cap of $9.05 billion, a P/E ratio of 57.51, a price-to-earnings-growth ratio of 2.87 and a beta of 1.52. The company has a fifty day moving average of $99.59 and a 200 day moving average of $86.20.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business had revenue of $292.20 million during the quarter, compared to the consensus estimate of $283.79 million. During the same period in the previous year, the company posted $0.59 EPS. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, research analysts forecast that Planet Fitness, Inc. will post 2.5 EPS for the current year.

Insider Buying and Selling at Planet Fitness

In related news, insider Jennifer Simmons sold 11,453 shares of Planet Fitness stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the transaction, the insider now directly owns 19,110 shares in the company, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.83% of the stock is owned by corporate insiders.

Institutional Trading of Planet Fitness

A number of hedge funds and other institutional investors have recently bought and sold shares of PLNT. Anomaly Capital Management LP purchased a new position in shares of Planet Fitness during the 2nd quarter valued at about $106,795,000. Point72 Asset Management L.P. raised its stake in Planet Fitness by 169.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after acquiring an additional 829,509 shares during the period. FMR LLC lifted its holdings in Planet Fitness by 666.9% during the third quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after purchasing an additional 691,761 shares in the last quarter. Dorsal Capital Management LP boosted its position in shares of Planet Fitness by 7.7% in the second quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock worth $213,940,000 after purchasing an additional 207,193 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Planet Fitness by 18.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,099,448 shares of the company’s stock worth $80,910,000 after purchasing an additional 173,536 shares in the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

About Planet Fitness

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.