Planet Fitness (NYSE:PLNT) Reaches New 52-Week High at $83.23

Planet Fitness, Inc. (NYSE:PLNT) shares reached a new 52-week high on Friday . The company traded as high as $83.23 and last traded at $83.17, with a volume of 7576 shares. The stock had previously closed at $81.73.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PLNT. Royal Bank of Canada boosted their price target on shares of Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $87.00 target price (up previously from $80.00) on shares of Planet Fitness in a research note on Wednesday, August 7th. Raymond James upped their target price on shares of Planet Fitness from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, May 10th. Stifel Nicolaus downgraded shares of Planet Fitness from a “buy” rating to a “hold” rating and lowered their target price for the company from $80.00 to $70.00 in a research note on Friday, May 10th. Finally, Roth Mkm upped their target price on shares of Planet Fitness from $73.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $83.79.

Planet Fitness Stock Performance

The company has a 50 day moving average price of $76.89 and a 200 day moving average price of $68.48. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 46.97, a P/E/G ratio of 2.72 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The business had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. During the same quarter in the previous year, the business earned $0.65 EPS. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Research analysts forecast that Planet Fitness, Inc. will post 2.44 EPS for the current year.

Insider Buying and Selling at Planet Fitness

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total transaction of $497,153.36. Following the sale, the chief accounting officer now owns 6,778 shares in the company, valued at $524,549.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in Planet Fitness by 17.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 897,910 shares of the company’s stock valued at $65,549,000 after acquiring an additional 133,541 shares in the last quarter. Broad Bay Capital Management LP raised its stake in Planet Fitness by 15.4% during the 4th quarter. Broad Bay Capital Management LP now owns 1,223,000 shares of the company’s stock valued at $89,279,000 after buying an additional 163,000 shares during the last quarter. Vanguard Group Inc. raised 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 buying an additional 97,823 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Planet Fitness by 24.9% during the 1st quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock valued at $14,335,000 after acquiring an additional 45,623 shares during the period. Finally, Picton Mahoney Asset Management bought a new stake in shares of Planet Fitness during the 1st quarter valued at $1,786,000. 95.53% of the stock is 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.