Planet Fitness (NYSE:PLNT) Price Target Increased to $80.00 by Analysts at JPMorgan Chase & Co.

Planet Fitness (NYSE:PLNT) had its price target lifted by JPMorgan Chase & Co. from $78.00 to $80.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also weighed in on PLNT. Piper Sandler boosted their price target on Planet Fitness from $80.00 to $89.00 and gave the stock an overweight rating in a research report on Thursday, July 11th. Raymond James lifted their price objective on Planet Fitness from $75.00 to $80.00 and gave the company a strong-buy rating in a report on Friday, May 10th. Robert W. Baird increased their target price on Planet Fitness from $88.00 to $92.00 and gave the stock an outperform rating in a report on Wednesday. Morgan Stanley reaffirmed an overweight rating and issued a $79.00 price target on shares of Planet Fitness in a research note on Friday, June 14th. Finally, Roth Mkm increased their price target on shares of Planet Fitness from $73.00 to $88.00 and gave the stock a buy rating in a research report on Wednesday. Four investment 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’s stock. According to MarketBeat, Planet Fitness currently has a consensus rating of Moderate Buy and an average target price of $79.87.

Planet Fitness Trading Up 1.8 %

PLNT stock traded up $1.39 during midday trading on Wednesday, reaching $77.13. The company had a trading volume of 25,779 shares, compared to its average volume of 1,676,750. The company has a 50 day moving average of $72.57 and a two-hundred day moving average of $66.88. Planet Fitness has a 1 year low of $44.13 and a 1 year high of $79.10. The company has a market capitalization of $6.80 billion, a P/E ratio of 43.53, a PEG ratio of 2.44 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The business had revenue of $300.94 million for the quarter, compared to analyst estimates of $290.17 million. During the same period in the previous year, the company posted $0.65 earnings per share. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that Planet Fitness will post 2.43 earnings per share for the current year.

Hedge Funds Weigh In On Planet Fitness

Several institutional investors have recently modified their holdings of PLNT. Dorsal Capital Management LP purchased a new stake in Planet Fitness in the fourth quarter worth approximately $182,500,000. Greenvale Capital LLP boosted its stake in shares of Planet Fitness by 291.3% in the 4th quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock valued at $127,103,000 after purchasing an additional 1,296,140 shares in the last quarter. Norges Bank bought a new position in shares of Planet Fitness during the 4th quarter valued at $65,674,000. Steadfast Capital Management LP raised its position in Planet Fitness by 97.7% in the 1st quarter. Steadfast Capital Management LP now owns 1,381,860 shares of the company’s stock worth $86,546,000 after purchasing an additional 682,863 shares during the period. Finally, Junto Capital Management LP boosted its position in Planet Fitness by 255.4% during the fourth quarter. Junto Capital Management LP now owns 756,934 shares of the company’s stock valued at $55,256,000 after buying an additional 543,942 shares during the period. 95.53% of the stock is currently owned by 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.