Planet Fitness (NYSE:PLNT) Price Target Raised to $88.00

Planet Fitness (NYSE:PLNT) had its price objective raised by equities research analysts at Roth Mkm from $73.00 to $88.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Mkm’s target price points to a potential upside of 14.02% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. raised shares of Planet Fitness from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $68.00 to $78.00 in a research note on Tuesday, May 14th. Morgan Stanley restated an “overweight” rating and issued a $79.00 price target on shares of Planet Fitness in a report on Friday, June 14th. DA Davidson reaffirmed a “neutral” rating and issued a $62.00 price objective on shares of Planet Fitness in a research report on Friday, June 14th. Piper Sandler increased their price objective on shares of Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Finally, Raymond James increased their price objective on shares of Planet Fitness from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, May 10th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Planet Fitness has an average rating of “Moderate Buy” and a consensus target price of $79.73.

Planet Fitness Trading Up 1.0 %

Shares of NYSE:PLNT traded up $0.78 on Wednesday, reaching $77.18. 1,137,582 shares of the company were exchanged, compared to its average volume of 1,678,255. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $79.10. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 44.53, a price-to-earnings-growth ratio of 2.44 and a beta of 1.49. The company has a 50-day moving average of $72.27 and a 200-day moving average of $66.82.

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

Institutional Investors Weigh In On Planet Fitness

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Asset Management One Co. Ltd. raised its stake in shares of Planet Fitness by 17.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock valued at $73,000 after purchasing an additional 148 shares in the last quarter. LRI Investments LLC raised its stake in shares of Planet Fitness by 61.2% during the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after purchasing an additional 153 shares in the last quarter. Janney Montgomery Scott LLC raised 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 valued at $1,026,000 after purchasing an additional 174 shares in the last quarter. Amalgamated Bank raised its stake in shares of Planet Fitness by 0.3% during the fourth quarter. Amalgamated Bank now owns 57,570 shares of the company’s stock valued at $4,203,000 after purchasing an additional 179 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in shares of Planet Fitness by 2.8% during the fourth quarter. Teacher Retirement System of Texas now owns 6,764 shares of the company’s stock valued at $494,000 after purchasing an additional 182 shares in the last quarter. 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.