Planet Fitness (NYSE:PLNT) Given “Overweight” Rating at Morgan Stanley

Morgan Stanley reiterated their overweight rating on shares of Planet Fitness (NYSE:PLNT) in a research report sent to investors on Friday, Benzinga reports. Morgan Stanley currently has a $79.00 price objective on the stock.

A number of other research firms have also recently weighed in on PLNT. DA Davidson reissued a neutral rating and issued a $62.00 target price on shares of Planet Fitness in a research note on Friday. Robert W. Baird upped their price objective on Planet Fitness from $80.00 to $88.00 and gave the company an outperform rating in a research note on Friday, May 10th. Royal Bank of Canada cut their target price 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. StockNews.com upgraded Planet Fitness from a sell rating to a hold rating in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. upgraded Planet Fitness from a neutral rating to an overweight rating and increased their price objective for the stock from $68.00 to $78.00 in a research note on Tuesday, May 14th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $75.00.

Planet Fitness Stock Up 1.1 %

Planet Fitness stock opened at $71.96 on Friday. Planet Fitness has a 12 month low of $44.13 and a 12 month high of $75.86. The stock has a market cap of $6.35 billion, a price-to-earnings ratio of 41.36, a price-to-earnings-growth ratio of 2.39 and a beta of 1.43. The business has a 50 day moving average price of $63.69 and a two-hundred day moving average price of $66.23.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, May 9th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The business had revenue of $248.00 million during the quarter, compared to analyst estimates 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 revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. On average, analysts expect that Planet Fitness will post 2.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Cetera Advisors LLC lifted its stake in shares of Planet Fitness by 568.8% during the first quarter. Cetera Advisors LLC now owns 25,320 shares of the company’s stock valued at $1,586,000 after acquiring an additional 21,534 shares during the period. Cetera Investment Advisers lifted its position in Planet Fitness by 74.5% during the 1st quarter. Cetera Investment Advisers now owns 58,699 shares of the company’s stock valued at $3,676,000 after purchasing an additional 25,054 shares during the period. Virtu Financial LLC boosted its stake in shares of Planet Fitness by 72.2% in the 1st quarter. Virtu Financial LLC now owns 5,611 shares of the company’s stock valued at $351,000 after purchasing an additional 2,352 shares during the last quarter. Tidal Investments LLC grew its position in shares of Planet Fitness by 71.3% during the 1st quarter. Tidal Investments LLC now owns 4,941 shares of the company’s stock worth $309,000 after buying an additional 2,056 shares during the period. Finally, Ionic Capital Management LLC bought a new stake in shares of Planet Fitness during the first quarter worth approximately $814,000. 95.53% of the stock is currently owned by institutional investors.

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.