Piper Sandler Increases Planet Fitness (NYSE:PLNT) Price Target to $89.00

Planet Fitness (NYSE:PLNT) had its price objective raised by Piper Sandler from $80.00 to $89.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts have also issued reports about the company. TD Cowen raised Planet Fitness from a hold rating to a buy rating and boosted their price target for the stock from $66.00 to $92.00 in a research report on Monday, June 24th. DA Davidson reaffirmed a neutral rating and set a $62.00 target price on shares of Planet Fitness in a research report on Friday, June 14th. Raymond James upped their target price on Planet Fitness from $75.00 to $80.00 and gave the company a strong-buy rating in a research report on Friday, May 10th. Robert W. Baird upped their target price on Planet Fitness from $80.00 to $88.00 and gave the company an outperform rating in a research report on Friday, May 10th. Finally, Royal Bank of Canada reduced their target price on Planet Fitness from $80.00 to $77.00 and set an outperform rating on the stock in a research report on Friday, May 10th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $77.64.

Planet Fitness Trading Up 2.0 %

Shares of PLNT stock opened at $75.37 on Thursday. The stock has a market capitalization of $6.65 billion, a price-to-earnings ratio of 43.32, a P/E/G ratio of 2.53 and a beta of 1.49. Planet Fitness has a twelve month low of $44.13 and a twelve month high of $75.86. The stock has a fifty day simple moving average of $68.50 and a two-hundred day simple moving average of $66.66.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.49 by $0.04. The firm 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%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. Research analysts predict that Planet Fitness will post 2.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PLNT. Dorsal Capital Management LP purchased a new stake in shares of Planet Fitness in the fourth quarter worth about $182,500,000. Greenvale Capital LLP raised its holdings in shares of Planet Fitness by 291.3% during the fourth quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock valued at $127,103,000 after acquiring an additional 1,296,140 shares during the last quarter. Norges Bank acquired a new position in shares of Planet Fitness during the fourth quarter valued at approximately $65,674,000. Steadfast Capital Management LP raised its holdings in shares of Planet Fitness by 97.7% during the first quarter. Steadfast Capital Management LP now owns 1,381,860 shares of the company’s stock valued at $86,546,000 after acquiring an additional 682,863 shares during the last quarter. Finally, Junto Capital Management LP increased its holdings in shares of Planet Fitness by 255.4% in the fourth quarter. Junto Capital Management LP now owns 756,934 shares of the company’s stock valued at $55,256,000 after purchasing an additional 543,942 shares during the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

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.