Planet Fitness’ (PLNT) “Buy” Rating Reiterated at Guggenheim

Guggenheim reaffirmed their buy rating on shares of Planet Fitness (NYSE:PLNT) in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a $105.00 price target on the stock.

Several other analysts also recently weighed in on the company. Roth Mkm restated a “buy” rating and set a $115.00 price objective (up from $110.00) on shares of Planet Fitness in a research report on Wednesday. Macquarie restated a “neutral” rating and set a $99.00 price objective (up from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Raymond James upped their price objective on Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. upped their price objective on Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, DA Davidson restated a “neutral” rating and set a $87.00 price objective on shares of Planet Fitness in a research report on Tuesday, January 21st. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $99.00.

Planet Fitness Stock Performance

PLNT opened at $92.50 on Thursday. The firm has a market cap of $7.82 billion, a P/E ratio of 49.73, a price-to-earnings-growth ratio of 2.45 and a beta of 1.53. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $110.00. The business’s fifty day moving average is $102.15 and its 200-day moving average is $92.41.

Planet Fitness (NYSE:PLNT) last released its earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.08. The company had revenue of $340.50 million for the quarter, compared to analyst estimates of $324.57 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. Planet Fitness’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.60 EPS. On average, research analysts predict that Planet Fitness will post 2.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Planet Fitness

Several institutional investors and hedge funds have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. grew its stake in Planet Fitness by 48.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company’s stock worth $782,169,000 after purchasing an additional 2,570,826 shares during the period. Ninety One UK Ltd bought a new stake in Planet Fitness in the fourth quarter worth approximately $130,376,000. Norges Bank bought a new stake in Planet Fitness in the fourth quarter worth approximately $100,009,000. FMR LLC increased its holdings in Planet Fitness by 666.9% in the third quarter. FMR LLC now owns 795,485 shares of the company’s stock worth $64,609,000 after purchasing an additional 691,761 shares in the last quarter. Finally, Nomura Holdings Inc. increased its holdings in Planet Fitness by 103.4% in the fourth quarter. Nomura Holdings Inc. now owns 11,170 shares of the company’s stock worth $1,104,000 after purchasing an additional 340,370 shares in the last quarter. Institutional investors and hedge funds 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.