Piper Sandler Issues Positive Forecast for Planet Fitness (NYSE:PLNT) Stock Price

Planet Fitness (NYSE:PLNT) had its target price hoisted by Piper Sandler from $115.00 to $123.00 in a report released on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently weighed in on PLNT. Stifel Nicolaus lifted their target price on Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Royal Bank of Canada lifted their price objective on shares of Planet Fitness from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Planet Fitness in a research report on Friday, September 27th. They set a “hold” rating and a $71.00 target price on the stock. Raymond James lifted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Finally, Macquarie reissued a “neutral” rating and set a $99.00 price target (up previously from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $96.13.

Planet Fitness Stock Performance

Shares of PLNT stock opened at $100.87 on Monday. The company has a market capitalization of $8.53 billion, a price-to-earnings ratio of 54.23, a PEG ratio of 3.33 and a beta of 1.52. Planet Fitness has a 52 week low of $54.35 and a 52 week high of $102.90. The company has a 50-day simple moving average of $97.30 and a 200 day simple moving average of $85.17.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.57 by $0.07. The company had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.59 earnings per share. Sell-side analysts forecast that Planet Fitness will post 2.5 EPS for the current year.

Insider Activity at Planet Fitness

In related news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the sale, the insider now owns 19,110 shares in the company, valued at $1,838,382. The trade was a 37.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.94% of the stock is currently owned by insiders.

Institutional Trading of Planet Fitness

A number of hedge funds have recently made changes to their positions in PLNT. Dorsal Capital Management LP raised its holdings in Planet Fitness by 7.7% in the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock valued at $213,940,000 after buying an additional 207,193 shares during the last quarter. State Street Corp raised its stake in shares of Planet Fitness by 1.5% during the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after acquiring an additional 37,236 shares during the last quarter. William Blair Investment Management LLC acquired a new position in shares of Planet Fitness during the second quarter worth $166,978,000. Anomaly Capital Management LP bought a new stake in shares of Planet Fitness in the second quarter worth $106,795,000. Finally, Point72 Asset Management L.P. increased its holdings in Planet Fitness by 169.8% in the second quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock valued at $96,985,000 after purchasing an additional 829,509 shares during the period. 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.