Planet Fitness (NYSE:PLNT) Sets New 1-Year High – Should You Buy?

Planet Fitness, Inc. (NYSE:PLNT)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $98.59 and last traded at $97.94, with a volume of 116663 shares traded. The stock had previously closed at $84.65.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Piper Sandler increased their price target on shares of Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Bank of America upped their price objective on shares of Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Stifel Nicolaus boosted their price target on Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price objective on Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Roth Mkm boosted their target price on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.93.

Planet Fitness Trading Up 13.2 %

The stock has a 50-day simple moving average of $81.21 and a two-hundred day simple moving average of $74.39. The firm has a market capitalization of $8.16 billion, a P/E ratio of 53.81, a price-to-earnings-growth ratio of 2.64 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. The firm had revenue of $300.94 million during the quarter, compared to analysts’ expectations of $290.17 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The company’s revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.65 EPS. As a group, research analysts expect that Planet Fitness, Inc. will post 2.43 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PLNT. Verdence Capital Advisors LLC boosted its holdings in shares of Planet Fitness by 4.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,047 shares of the company’s stock valued at $247,000 after buying an additional 132 shares in the last quarter. LRI Investments LLC boosted its holdings in Planet Fitness by 61.2% in the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after acquiring an additional 153 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Planet Fitness by 1.1% during the first quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company’s stock worth $1,026,000 after acquiring an additional 174 shares during the last quarter. Creative Planning increased its holdings in shares of Planet Fitness by 2.1% during the third quarter. Creative Planning now owns 9,144 shares of the company’s stock valued at $743,000 after acquiring an additional 192 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its position in shares of Planet Fitness by 0.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company’s stock valued at $1,825,000 after purchasing an additional 200 shares during the last quarter. 95.53% of the stock is currently owned by hedge funds and other 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.