Planet Fitness (NYSE:PLNT) Stock Rating Upgraded by TD Cowen

Planet Fitness (NYSE:PLNT) was upgraded by stock analysts at TD Cowen from a “hold” rating to a “buy” rating in a research report issued on Monday, Marketbeat Ratings reports. The brokerage currently has a $92.00 price target on the stock, up from their prior price target of $66.00. TD Cowen’s price objective would indicate a potential upside of 25.41% from the stock’s current price.

Several other research firms have also commented on PLNT. DA Davidson restated a “neutral” rating and issued a $62.00 price target on shares of Planet Fitness in a report on Friday, June 14th. Stifel Nicolaus lowered shares of Planet Fitness from a “buy” rating to a “hold” rating and cut their price target for the company from $80.00 to $70.00 in a report on Friday, May 10th. Royal Bank of Canada reduced their target price on shares of Planet Fitness from $80.00 to $77.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Morgan Stanley reissued an “overweight” rating and set a $79.00 target price on shares of Planet Fitness in a research report on Friday, June 14th. Finally, JPMorgan Chase & Co. raised shares of Planet Fitness from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $68.00 to $78.00 in a research report on Tuesday, May 14th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.64.

Planet Fitness Stock Performance

PLNT opened at $73.36 on Monday. The company’s 50 day simple moving average is $64.91 and its 200 day simple moving average is $66.41. Planet Fitness has a 1 year low of $44.13 and a 1 year high of $75.86. The stock has a market capitalization of $6.47 billion, a PE ratio of 42.16, a P/E/G ratio of 2.44 and a beta of 1.43.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, May 9th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. Planet Fitness had a net margin of 13.66% and a negative return on equity of 140.14%. The business had revenue of $248.00 million for the quarter, compared to analysts’ expectations of $249.48 million. During the same period last year, the company earned $0.41 earnings per share. The company’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts expect that Planet Fitness will post 2.43 earnings per share for the current fiscal year.

Institutional Trading of Planet Fitness

Several institutional investors have recently added to or reduced their stakes in PLNT. Cadian Capital Management LP raised its holdings in Planet Fitness by 164.7% in the third quarter. Cadian Capital Management LP now owns 4,043,507 shares of the company’s stock valued at $198,860,000 after acquiring an additional 2,516,007 shares in the last quarter. Dorsal Capital Management LP bought a new stake in Planet Fitness during the fourth quarter valued at $182,500,000. Greenvale Capital LLP increased its stake in Planet Fitness by 291.3% during the fourth quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock valued at $127,103,000 after purchasing an additional 1,296,140 shares during the last quarter. Norges Bank bought a new stake in Planet Fitness during the fourth quarter valued at $65,674,000. Finally, Steadfast Capital Management LP increased its stake in Planet Fitness by 97.7% during the first quarter. Steadfast Capital Management LP now owns 1,381,860 shares of the company’s stock valued at $86,546,000 after purchasing an additional 682,863 shares during the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

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.