Brokerages Set Planet Fitness, Inc. (NYSE:PLNT) Price Target at $77.64

Shares of Planet Fitness, Inc. (NYSE:PLNT) have been assigned an average rating of “Moderate Buy” from the fourteen research firms that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $77.64.

Several research analysts have weighed in on the company. Raymond James upped their price target on Planet Fitness from $75.00 to $80.00 and gave the stock 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 dropped their price objective for the company from $80.00 to $70.00 in a report on Friday, May 10th. JPMorgan Chase & Co. raised Planet Fitness from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $68.00 to $78.00 in a report on Tuesday, May 14th. DA Davidson reissued a “neutral” rating and set a $62.00 price target on shares of Planet Fitness in a research note on Friday, June 14th. Finally, Robert W. Baird lifted their price objective on Planet Fitness from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Friday, May 10th.

Hedge Funds Weigh In On Planet Fitness

A number of large investors have recently made changes to their positions in PLNT. Dorsal Capital Management LP bought a new stake in Planet Fitness in the fourth quarter worth about $182,500,000. Greenvale Capital LLP lifted its stake in shares of Planet Fitness by 291.3% during the 4th quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock worth $127,103,000 after acquiring an additional 1,296,140 shares during the last quarter. Norges Bank purchased a new position in Planet Fitness during the 4th quarter valued at $65,674,000. Steadfast Capital Management LP grew 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 valued at $86,546,000 after acquiring an additional 682,863 shares during the last quarter. Finally, Junto Capital Management LP increased its stake in Planet Fitness by 255.4% in the fourth quarter. Junto Capital Management LP now owns 756,934 shares of the company’s stock worth $55,256,000 after purchasing an additional 543,942 shares during the period. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Stock Performance

NYSE PLNT opened at $73.94 on Friday. Planet Fitness has a one year low of $44.13 and a one year high of $75.86. The stock has a 50-day moving average of $66.86 and a 200 day moving average of $66.64. The company has a market capitalization of $6.52 billion, a price-to-earnings ratio of 42.49, a PEG ratio of 2.47 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. Planet Fitness had a net margin of 13.66% and a negative return on equity of 140.14%. The business had revenue of $248.00 million for the quarter, compared to the consensus estimate of $249.48 million. During the same period last year, the firm earned $0.41 earnings per share. The company’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts predict that Planet Fitness will post 2.43 earnings per share for the current fiscal year.

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.