Planet Fitness (NYSE:PLNT) Price Target Raised to $123.00

Planet Fitness (NYSE:PLNT) had its target price raised by Piper Sandler from $115.00 to $123.00 in a research report released on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. raised their target price on Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Macquarie reissued a “neutral” rating and set a $99.00 price objective (up previously from $91.00) on shares of Planet Fitness in a research note on Friday, November 8th. Morgan Stanley boosted their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th. Stifel Nicolaus increased their target price on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Finally, Raymond James boosted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a report on Friday, November 8th. Five 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $96.13.

Planet Fitness Price Performance

Shares of NYSE:PLNT opened at $100.87 on Monday. The stock has a market cap of $8.53 billion, a price-to-earnings ratio of 54.23, a P/E/G ratio of 3.33 and a beta of 1.52. The company has a 50 day moving average of $97.30 and a 200-day moving average of $85.17. Planet Fitness has a one year low of $54.35 and a one year high of $102.90.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. The firm had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.59 EPS. Equities research analysts anticipate that Planet Fitness will post 2.5 earnings per share for the current year.

Insider Transactions at Planet Fitness

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

Institutional Investors Weigh In On Planet Fitness

Several large investors have recently made changes to their positions in the stock. Tidal Investments LLC increased its holdings in Planet Fitness by 132.5% during the third quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock worth $2,352,000 after buying an additional 16,503 shares during the last quarter. State Street Corp increased its stake in shares of Planet Fitness by 1.5% during the 3rd quarter. State Street Corp now owns 2,524,764 shares of the company’s stock worth $205,061,000 after purchasing an additional 37,236 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Planet Fitness in the 3rd quarter valued at about $604,000. Quest Partners LLC lifted its stake in Planet Fitness by 126.0% in the 3rd quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock valued at $772,000 after purchasing an additional 5,298 shares during the last quarter. Finally, Qsemble Capital Management LP grew its holdings in Planet Fitness by 100.6% during the third quarter. Qsemble Capital Management LP now owns 20,972 shares of the company’s stock worth $1,703,000 after purchasing an additional 10,518 shares during the period. 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.