Planet Fitness (NYSE:PLNT) Now Covered by Analysts at Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Planet Fitness (NYSE:PLNT) in a research note released on Thursday, Marketbeat.com reports. The firm issued a buy rating and a $120.00 price objective on the stock.

Several other equities research analysts have also recently weighed in on PLNT. Piper Sandler increased their price objective on Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. JPMorgan Chase & Co. increased their price objective on Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. DA Davidson reiterated a “neutral” rating and issued a $87.00 price objective on shares of Planet Fitness in a report on Tuesday, January 21st. Macquarie dropped their price objective on Planet Fitness from $99.00 to $95.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Finally, Stifel Nicolaus dropped their price objective on Planet Fitness from $90.00 to $82.00 and set a “hold” rating for the company in a report on Friday, February 28th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.17.

Planet Fitness Price Performance

PLNT opened at $93.31 on Thursday. The stock’s 50 day simple moving average is $101.29 and its 200 day simple moving average is $93.24. Planet Fitness has a 1 year low of $54.35 and a 1 year high of $110.00. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of 50.17, a PEG ratio of 2.45 and a beta of 1.54.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.08. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business had revenue of $340.50 million for the quarter, compared to analyst estimates of $324.57 million. During the same period last year, the company earned $0.60 EPS. Planet Fitness’s revenue for the quarter was up 19.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Planet Fitness will post 2.51 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLNT. T. Rowe Price Investment Management Inc. increased its position in Planet Fitness by 48.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company’s stock valued at $782,169,000 after buying an additional 2,570,826 shares in the last quarter. Ninety One UK Ltd bought a new position in Planet Fitness during the 4th quarter valued at approximately $130,376,000. Norges Bank bought a new position in Planet Fitness during the 4th quarter valued at approximately $100,009,000. FMR LLC increased its position in Planet Fitness by 666.9% during the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after buying an additional 691,761 shares in the last quarter. Finally, Nomura Holdings Inc. increased its position in Planet Fitness by 103.4% during the 4th quarter. Nomura Holdings Inc. now owns 11,170 shares of the company’s stock valued at $1,104,000 after buying an additional 340,370 shares in the last quarter. Institutional investors own 95.53% of the company’s stock.

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.