Planet Fitness (NYSE:PLNT) Reaches New 1-Year High – What’s Next?

Planet Fitness, Inc. (NYSE:PLNT)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $104.46 and last traded at $104.03, with a volume of 144403 shares changing hands. The stock had previously closed at $101.55.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PLNT shares. Morgan Stanley increased their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 29th. Robert W. Baird boosted their price objective on Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. DA Davidson increased their target price on Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. JPMorgan Chase & Co. boosted their price target on Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Planet Fitness in a report on Friday, September 27th. They set a “hold” rating and a $71.00 price objective for the company. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Planet Fitness presently has an average rating of “Moderate Buy” and a consensus price target of $96.13.

Planet Fitness Stock Up 2.7 %

The company has a market capitalization of $8.82 billion, a P/E ratio of 56.08, a PEG ratio of 3.33 and a beta of 1.52. The company has a 50 day simple moving average of $98.65 and a two-hundred day simple moving average of $85.84.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The business had revenue of $292.20 million for the quarter, compared to analysts’ expectations of $283.79 million. During the same quarter in the previous year, the business posted $0.59 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. As a group, research analysts expect that Planet Fitness, Inc. will post 2.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of Planet Fitness stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total value of $1,101,778.60. Following the transaction, the insider now directly owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.94% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PLNT. M&T Bank Corp grew its stake in shares of Planet Fitness by 2.6% during the third quarter. M&T Bank Corp now owns 4,947 shares of the company’s stock worth $402,000 after acquiring an additional 124 shares during the last quarter. Verdence Capital Advisors LLC lifted its stake in shares of Planet Fitness by 4.5% during the third quarter. Verdence Capital Advisors LLC now owns 3,047 shares of the company’s stock worth $247,000 after buying an additional 132 shares during the period. Creative Planning grew 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 buying an additional 192 shares during the last quarter. GAMMA Investing LLC lifted its position in Planet Fitness by 10.1% during the 4th quarter. GAMMA Investing LLC now owns 2,090 shares of the company’s stock worth $207,000 after acquiring an additional 192 shares during the period. Finally, V Square Quantitative Management LLC grew its stake in Planet Fitness by 69.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock valued at $40,000 after purchasing an additional 201 shares during the last quarter. 95.53% of the stock is currently owned by hedge funds and other 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.