Planet Fitness (NYSE:PLNT) Price Target Raised to $80.00 at JPMorgan Chase & Co.

Planet Fitness (NYSE:PLNT) had its target price increased by JPMorgan Chase & Co. from $78.00 to $80.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

PLNT has been the subject of several other reports. Stifel Nicolaus downgraded shares of Planet Fitness from a buy rating to a hold rating and lowered their price target for the stock from $80.00 to $70.00 in a report on Friday, May 10th. Piper Sandler increased their target price on Planet Fitness from $80.00 to $89.00 and gave the company an overweight rating in a research report on Thursday, July 11th. TD Cowen upgraded Planet Fitness from a hold rating to a buy rating and boosted their price target for the stock from $66.00 to $92.00 in a report on Monday, June 24th. Royal Bank of Canada lifted their target price on shares of Planet Fitness from $77.00 to $87.00 and gave the stock an outperform rating in a research report on Wednesday. Finally, Roth Mkm upped their price target on shares of Planet Fitness from $73.00 to $88.00 and gave the company a buy rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $79.87.

Planet Fitness Stock Performance

Shares of NYSE PLNT traded up $0.80 during trading hours on Wednesday, hitting $79.04. 2,469,125 shares of the stock were exchanged, compared to its average volume of 1,617,193. The company’s fifty day simple moving average is $73.22 and its two-hundred day simple moving average is $66.95. The company has a market cap of $6.97 billion, a PE ratio of 45.43, a price-to-earnings-growth ratio of 2.57 and a beta of 1.49. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $79.53.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.05. 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 121.99% and a net margin of 14.16%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.65 EPS. As a group, sell-side analysts expect that Planet Fitness will post 2.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Brian O’donnell sold 6,424 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total transaction of $497,153.36. Following the transaction, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in Planet Fitness by 17.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 897,910 shares of the company’s stock valued at $65,549,000 after acquiring an additional 133,541 shares in the last quarter. Broad Bay Capital Management LP increased its holdings in shares of Planet Fitness by 15.4% in the fourth quarter. Broad Bay Capital Management LP now owns 1,223,000 shares of the company’s stock worth $89,279,000 after purchasing an additional 163,000 shares during the period. Vanguard Group Inc. raised its position in shares of Planet Fitness by 1.2% in the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after buying an additional 97,823 shares in the last quarter. Bessemer Group Inc. boosted its stake in Planet Fitness by 24.9% during the first quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock valued at $14,335,000 after buying an additional 45,623 shares during the period. Finally, Picton Mahoney Asset Management purchased a new position in Planet Fitness during the first quarter worth about $1,786,000. 95.53% of the stock is currently owned by hedge funds and other 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.