Planet Fitness’ (PLNT) “Outperform” Rating Reiterated at BMO Capital Markets

BMO Capital Markets restated their outperform rating on shares of Planet Fitness (NYSE:PLNT) in a research note released on Wednesday, Benzinga reports. The brokerage currently has a $87.00 target price on the stock, up from their prior target price of $80.00.

A number of other research firms also recently commented on PLNT. Stifel Nicolaus downgraded Planet Fitness from a buy rating to a hold rating and decreased their target price for the stock from $80.00 to $70.00 in a research report on Friday, May 10th. JPMorgan Chase & Co. raised Planet Fitness from a neutral rating to an overweight rating and lifted their price target for the stock from $68.00 to $78.00 in a research note on Tuesday, May 14th. Morgan Stanley reaffirmed an overweight rating and set a $79.00 price target on shares of Planet Fitness in a research note on Friday, June 14th. DA Davidson reiterated a neutral rating and issued a $62.00 price target on shares of Planet Fitness in a research report on Friday, June 14th. Finally, Raymond James raised their price objective on shares of Planet Fitness from $75.00 to $80.00 and gave the stock a strong-buy rating in a research note on Friday, May 10th. Four equities 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 stock. Based on data from MarketBeat.com, Planet Fitness has a consensus rating of Moderate Buy and a consensus target price of $79.87.

Planet Fitness Price Performance

Shares of NYSE PLNT traded up $0.80 during trading on Wednesday, hitting $79.04. 2,469,125 shares of the company were exchanged, compared to its average volume of 1,617,193. Planet Fitness has a 1 year low of $44.13 and a 1 year high of $79.53. The company has a market cap of $6.97 billion, a price-to-earnings ratio of 45.43, a PEG ratio of 2.57 and a beta of 1.49. The firm’s fifty day moving average price is $73.22 and its 200 day moving average price is $66.95.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The firm had revenue of $300.94 million for the quarter, compared to the consensus estimate of $290.17 million. During the same quarter in the previous year, the firm earned $0.65 earnings per share. The firm’s revenue was up 5.1% on a year-over-year basis. On average, research analysts forecast that Planet Fitness will post 2.43 earnings per share for the current year.

Insider Transactions at Planet Fitness

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

Hedge Funds Weigh In On Planet Fitness

A number of institutional investors have recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. boosted its stake in Planet Fitness by 17.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock valued at $73,000 after acquiring an additional 148 shares during the last quarter. International Assets Investment Management LLC increased its stake in Planet Fitness by 886.5% during the fourth quarter. International Assets Investment Management LLC now owns 5,840 shares of the company’s stock valued at $426,000 after purchasing an additional 5,248 shares during the last quarter. Allworth Financial LP grew its position in shares of Planet Fitness by 247.6% during the 4th quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after buying an additional 255 shares during the last quarter. Friedenthal Financial bought a new stake in shares of Planet Fitness during the 4th quarter valued at about $728,000. Finally, Louisiana State Employees Retirement System acquired a new position in Planet Fitness in the fourth quarter valued at approximately $1,752,000. Institutional investors and hedge funds own 95.53% of the company’s stock.

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.