Analysts Set Planet Fitness, Inc. (NYSE:PLNT) Target Price at $77.64

Shares of Planet Fitness, Inc. (NYSE:PLNT) have been given an average rating of “Moderate Buy” by the fourteen analysts that are presently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $77.64.

PLNT has been the subject of several analyst reports. JPMorgan Chase & Co. upgraded Planet Fitness from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $68.00 to $78.00 in a research report on Tuesday, May 14th. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and raised their target price for the stock from $62.00 to $100.00 in a research report on Monday, June 10th. Royal Bank of Canada cut their target price on Planet Fitness from $80.00 to $77.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Piper Sandler raised their target price on Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Finally, StockNews.com upgraded Planet Fitness from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th.

Planet Fitness Trading Down 1.0 %

Shares of NYSE:PLNT opened at $74.25 on Tuesday. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $79.09. The firm has a market capitalization of $6.55 billion, a PE ratio of 42.67, a PEG ratio of 2.52 and a beta of 1.49. The business’s 50 day moving average is $71.09 and its 200-day moving average is $66.84.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $249.48 million. During the same quarter last year, the firm earned $0.41 EPS. Planet Fitness’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, sell-side analysts predict that Planet Fitness will post 2.43 EPS for the current year.

Institutional Investors Weigh In On Planet Fitness

A number of institutional investors and hedge funds have recently made changes to their positions in PLNT. Dorsal Capital Management LP bought a new stake in shares of Planet Fitness during the fourth quarter worth $182,500,000. Greenvale Capital LLP raised its position in shares of Planet Fitness by 291.3% during the fourth quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock worth $127,103,000 after acquiring an additional 1,296,140 shares during the last quarter. Norges Bank bought a new stake in shares of Planet Fitness during the fourth quarter worth $65,674,000. Steadfast Capital Management LP raised its position in shares of Planet Fitness by 97.7% during the first quarter. Steadfast Capital Management LP now owns 1,381,860 shares of the company’s stock worth $86,546,000 after acquiring an additional 682,863 shares during the last quarter. Finally, Junto Capital Management LP raised its position in shares of Planet Fitness by 255.4% during the fourth quarter. Junto Capital Management LP now owns 756,934 shares of the company’s stock worth $55,256,000 after acquiring an additional 543,942 shares during the last quarter. Institutional investors 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.