Planet Fitness (NYSE:PLNT) Shares Gap Down – Here’s Why

Planet Fitness, Inc. (NYSE:PLNT)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $99.24, but opened at $92.27. Planet Fitness shares last traded at $91.06, with a volume of 641,209 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PLNT shares. Stifel Nicolaus raised their price target on Planet Fitness from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. JPMorgan Chase & Co. boosted their price objective on shares of Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. DA Davidson restated a “neutral” rating and issued a $87.00 price target on shares of Planet Fitness in a report on Tuesday, January 21st. Macquarie reiterated 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. Finally, Raymond James raised their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $97.69.

Planet Fitness Stock Performance

The firm has a market capitalization of $7.70 billion, a price-to-earnings ratio of 48.97, a P/E/G ratio of 2.45 and a beta of 1.53. The company has a 50 day moving average price of $102.82 and a two-hundred day moving average price of $92.17.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.08. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company had revenue of $340.50 million during the quarter, compared to analysts’ expectations of $324.57 million. During the same period in the prior year, the business posted $0.60 earnings per share. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. On average, equities analysts expect that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Planet Fitness

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Planet Fitness by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 8,035,765 shares of the company’s stock worth $794,496,000 after acquiring an additional 39,928 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake 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 worth $782,169,000 after purchasing an additional 2,570,826 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Planet Fitness by 1.0% during the fourth quarter. JPMorgan Chase & Co. now owns 3,609,196 shares of the company’s stock worth $356,841,000 after buying an additional 36,803 shares in the last quarter. State Street Corp raised its position in shares of Planet Fitness by 1.5% in the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after buying an additional 37,236 shares during the last quarter. Finally, Anomaly Capital Management LP lifted its stake in shares of Planet Fitness by 20.3% in the fourth quarter. Anomaly Capital Management LP now owns 1,772,593 shares of the company’s stock worth $175,256,000 after buying an additional 299,148 shares in the last quarter. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

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.