DA Davidson Reiterates “Neutral” Rating for Planet Fitness (NYSE:PLNT)

Planet Fitness (NYSE:PLNT)‘s stock had its “neutral” rating reiterated by research analysts at DA Davidson in a note issued to investors on Friday, Benzinga reports. They presently have a $62.00 target price on the stock. DA Davidson’s target price indicates a potential downside of 12.86% from the stock’s current price. DA Davidson also issued estimates for Planet Fitness’ FY2025 earnings at $2.82 EPS.

A number of other research analysts have also commented on PLNT. Royal Bank of Canada lowered their price target on Planet Fitness from $80.00 to $77.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Morgan Stanley reaffirmed an “overweight” rating and set a $79.00 price target on shares of Planet Fitness in a research report on Monday, April 1st. JPMorgan Chase & Co. raised Planet Fitness from a “neutral” rating to an “overweight” rating and upped their price target for the company from $68.00 to $78.00 in a research report on Tuesday, May 14th. StockNews.com raised Planet Fitness from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. Finally, Robert W. Baird increased their target price on Planet Fitness from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th. Five 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.00.

Planet Fitness Price Performance

Shares of PLNT stock opened at $71.15 on Friday. The stock has a market capitalization of $6.27 billion, a PE ratio of 40.89, a P/E/G ratio of 2.44 and a beta of 1.43. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $75.86. The business has a 50-day moving average of $63.51 and a 200 day moving average of $66.21.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.04. The company had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $249.48 million. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. Planet Fitness’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 EPS. Analysts anticipate that Planet Fitness will post 2.43 EPS for the current year.

Institutional Trading of Planet Fitness

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Planet Fitness by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after purchasing an additional 97,823 shares during the last quarter. Cadian Capital Management LP boosted its stake in shares of Planet Fitness by 9.6% in the 4th quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock worth $323,417,000 after buying an additional 386,861 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Planet Fitness by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 2,592,136 shares of the company’s stock worth $162,345,000 after buying an additional 66,139 shares during the last quarter. Dorsal Capital Management LP purchased a new position in shares of Planet Fitness in the 4th quarter worth $182,500,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Planet Fitness by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock worth $116,453,000 after buying an additional 483,586 shares during the last quarter. 95.53% 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 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.