Planet Fitness (NYSE:PLNT) Reaches New 1-Year High – Should You Buy?

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

Analysts Set New Price Targets

Several research firms have weighed in on PLNT. Robert W. Baird raised their price target on Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Piper Sandler raised their target price on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Raymond James boosted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 8th. Macquarie restated a “neutral” rating and set a $99.00 price objective (up previously from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Planet Fitness in a research report on Friday, September 27th. They issued a “hold” rating and a $71.00 target price for the company. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $96.13.

Planet Fitness Trading Up 2.2 %

The firm has a fifty day moving average of $99.59 and a two-hundred day moving average of $86.20. The company has a market capitalization of $9.05 billion, a PE ratio of 57.51, a PEG ratio of 2.87 and a beta of 1.52.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $292.20 million for the quarter, compared to analysts’ expectations of $283.79 million. During the same quarter last year, the business earned $0.59 earnings per share. The business’s revenue was up 5.3% on a year-over-year basis. On average, equities analysts expect that Planet Fitness, Inc. will post 2.5 EPS for the current fiscal year.

Insider Transactions at Planet Fitness

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of the company’s 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 completion of the transaction, the insider now directly owns 19,110 shares in the company, valued at approximately $1,838,382. This represents a 37.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.83% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dorsal Capital Management LP boosted its position in Planet Fitness by 7.7% during the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock valued at $213,940,000 after acquiring an additional 207,193 shares in the last quarter. State Street Corp raised its holdings in Planet Fitness by 1.5% in the third 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 in the last quarter. Anomaly Capital Management LP purchased a new position in Planet Fitness during the second quarter valued at $106,795,000. Point72 Asset Management L.P. boosted its holdings in shares of Planet Fitness by 169.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock valued at $96,985,000 after buying an additional 829,509 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Planet Fitness by 18.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,099,448 shares of the company’s stock worth $80,910,000 after buying an additional 173,536 shares during the period. Hedge funds and other 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.