Planet Fitness’ (PLNT) Outperform Rating Reiterated at BMO Capital Markets

Planet Fitness (NYSE:PLNT)‘s stock had its “outperform” rating reiterated by BMO Capital Markets in a research report issued on Wednesday, Benzinga reports. They presently have a $87.00 price objective on the stock, up from their prior price objective of $80.00. BMO Capital Markets’ price objective points to a potential upside of 12.46% from the stock’s current price.

PLNT has been the subject of a number of other research reports. Stifel Nicolaus downgraded Planet Fitness from a “buy” rating to a “hold” rating and dropped their target price for the stock from $80.00 to $70.00 in a report on Friday, May 10th. Royal Bank of Canada lowered their price objective on Planet Fitness from $80.00 to $77.00 and set an “outperform” rating on the stock in a research note on Friday, May 10th. Raymond James increased their target price on Planet Fitness from $75.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Friday, May 10th. Piper Sandler boosted their price target on Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Finally, TD Cowen raised shares of Planet Fitness from a “hold” rating to a “buy” rating and lifted their price objective for the company from $66.00 to $92.00 in a research note on Monday, June 24th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Planet Fitness presently has an average rating of “Moderate Buy” and an average target price of $78.14.

Planet Fitness Stock Performance

PLNT traded up $0.96 on Wednesday, reaching $77.36. The company had a trading volume of 530,981 shares, compared to its average volume of 1,674,238. The company’s fifty day moving average is $72.27 and its 200 day moving average is $66.82. The stock has a market cap of $6.82 billion, a P/E ratio of 44.41, a P/E/G ratio of 2.44 and a beta of 1.49. Planet Fitness has a fifty-two week low of $44.13 and a fifty-two week high of $79.10.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.06. The company had revenue of $300.94 million for the quarter, compared to analyst estimates of $290.17 million. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 earnings per share. On average, sell-side analysts expect that Planet Fitness will post 2.43 EPS for the current year.

Institutional Trading of Planet Fitness

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP raised its holdings in Planet Fitness by 247.6% in the 4th quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after buying an additional 255 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in Planet Fitness in the 1st quarter valued at approximately $27,000. GAMMA Investing LLC raised its stake in shares of Planet Fitness by 478.8% during the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after acquiring an additional 316 shares during the last quarter. LRI Investments LLC lifted its holdings in shares of Planet Fitness by 61.2% during the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after purchasing an additional 153 shares during the period. Finally, Asset Management One Co. Ltd. grew its stake in shares of Planet Fitness by 17.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock worth $73,000 after purchasing an additional 148 shares during the last quarter. 95.53% of the stock is currently owned by institutional investors.

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.