Robert W. Baird Increases Planet Fitness (NYSE:PLNT) Price Target to $110.00

Planet Fitness (NYSE:PLNT) had its price objective upped by stock analysts at Robert W. Baird from $92.00 to $110.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s target price would suggest a potential upside of 16.88% from the company’s previous close.

Several other research firms have also commented on PLNT. Morgan Stanley boosted their price target on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 29th. Stifel Nicolaus boosted their target price on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Piper Sandler raised their price target on shares of Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $87.00 price objective (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price target on Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Planet Fitness presently has an average rating of “Moderate Buy” and a consensus price target of $87.88.

Planet Fitness Price Performance

Shares of Planet Fitness stock opened at $94.11 on Friday. Planet Fitness has a 1 year low of $54.35 and a 1 year high of $98.59. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 51.71, a PEG ratio of 2.64 and a beta of 1.49. The firm’s 50-day moving average is $81.47 and its two-hundred day moving average is $74.53.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. The company had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. Planet Fitness’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.65 earnings per share. On average, equities analysts expect that Planet Fitness will post 2.43 earnings per share for the current year.

Hedge Funds Weigh In On Planet Fitness

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in Planet Fitness by 26.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,582 shares of the company’s stock valued at $851,000 after acquiring an additional 2,831 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Planet Fitness by 228.8% in the first quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock worth $1,445,000 after acquiring an additional 16,053 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Planet Fitness by 1.1% during the first quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company’s stock worth $1,026,000 after purchasing an additional 174 shares during the last quarter. Texas Permanent School Fund Corp raised its holdings in shares of Planet Fitness by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 74,775 shares of the company’s stock worth $4,683,000 after purchasing an additional 1,049 shares during the last quarter. Finally, Duality Advisers LP acquired a new position in Planet Fitness during the first quarter valued at $722,000. Institutional investors and hedge funds own 95.53% of the company’s stock.

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.