Planet Fitness (NYSE:PLNT) Upgraded at StockNews.com

StockNews.com upgraded shares of Planet Fitness (NYSE:PLNT) from a sell rating to a hold rating in a report issued on Tuesday morning.

Several other equities analysts have also recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of Planet Fitness from $85.00 to $80.00 and set a buy rating for the company in a research note on Friday, February 23rd. JPMorgan Chase & Co. dropped their price objective on Planet Fitness from $75.00 to $72.00 and set a neutral rating for the company in a research note on Monday, February 26th. Piper Sandler upped their target price on Planet Fitness from $88.00 to $89.00 and gave the stock an overweight rating in a research note on Thursday, January 11th. DA Davidson reiterated a neutral rating and set a $62.00 price target on shares of Planet Fitness in a research report on Monday, February 5th. Finally, Morgan Stanley restated an overweight rating and issued a $79.00 price objective on shares of Planet Fitness in a research report on Monday, April 1st. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $71.00.

Planet Fitness Stock Down 0.9 %

PLNT opened at $59.52 on Tuesday. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of 36.74, a PEG ratio of 1.91 and a beta of 1.37. The firm has a 50-day moving average price of $61.59 and a 200-day moving average price of $64.94. Planet Fitness has a twelve month low of $44.13 and a twelve month high of $75.86.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The business had revenue of $285.10 million for the quarter, compared to analysts’ expectations of $282.35 million. During the same quarter in the previous year, the firm posted $0.53 EPS. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, sell-side analysts expect that Planet Fitness will post 2.48 earnings per share for the current fiscal year.

Institutional Trading of Planet Fitness

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Planet Fitness by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 8,076,794 shares of the company’s stock worth $589,606,000 after buying an additional 196,809 shares during the period. Cadian Capital Management LP increased its position in shares of Planet Fitness by 9.6% in the fourth quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock valued at $323,417,000 after acquiring an additional 386,861 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Planet Fitness by 0.5% during the third quarter. Bank of New York Mellon Corp now owns 2,659,856 shares of the company’s stock valued at $130,812,000 after acquiring an additional 12,139 shares during the last quarter. Dorsal Capital Management LP purchased a new stake in shares of Planet Fitness during the fourth quarter worth about $182,500,000. Finally, Point72 Asset Management L.P. grew its stake in shares of Planet Fitness by 39.1% in the fourth quarter. Point72 Asset Management L.P. now owns 1,837,231 shares of the company’s stock worth $134,118,000 after purchasing an additional 516,790 shares during the last quarter. Institutional investors own 95.53% 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 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.