Stifel Nicolaus Boosts Planet Fitness (NYSE:PLNT) Price Target to $75.00

Planet Fitness (NYSE:PLNT) had its target price raised by Stifel Nicolaus from $70.00 to $75.00 in a report published on Wednesday morning, Benzinga reports. Stifel Nicolaus currently has a hold rating on the stock.

Several other analysts have also recently commented on PLNT. JPMorgan Chase & Co. raised their price target on Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Roth Mkm boosted their target price on shares of Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Robert W. Baird reiterated an “outperform” rating and issued a $92.00 price target on shares of Planet Fitness in a report on Monday, August 26th. BNP Paribas raised shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price objective on the stock in a report on Thursday, September 5th. Finally, Piper Sandler increased their target price 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. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Planet Fitness has an average rating of “Moderate Buy” and an average target price of $85.27.

Planet Fitness Stock Performance

Shares of Planet Fitness stock opened at $80.48 on Wednesday. Planet Fitness has a one year low of $52.38 and a one year high of $85.08. The company has a market cap of $6.85 billion, a P/E ratio of 44.22, a PEG ratio of 2.75 and a beta of 1.49. The firm has a fifty day moving average of $81.25 and a two-hundred day moving average of $72.68.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The firm had revenue of $300.94 million during the quarter, compared to analysts’ expectations of $290.17 million. During the same period in the prior year, the company posted $0.65 earnings per share. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, equities analysts predict that Planet Fitness will post 2.44 earnings per share for the current year.

Insider Transactions at Planet Fitness

In related news, CAO Brian O’donnell sold 6,424 shares of the 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 sale, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at $524,549.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.83% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Institutional investors and hedge funds have recently modified their holdings of the company. Fidelis Capital Partners LLC acquired a new position in Planet Fitness in the 1st quarter valued at $27,000. GAMMA Investing LLC grew its position in shares of Planet Fitness by 478.8% in the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after purchasing an additional 316 shares during the period. LRI Investments LLC increased its stake in Planet Fitness by 61.2% in the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after purchasing an additional 153 shares during the last quarter. Quarry LP lifted its position in Planet Fitness by 174.7% during the second quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after buying an additional 318 shares during the period. Finally, V Square Quantitative Management LLC boosted its stake in Planet Fitness by 69.8% in the 3rd quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after buying an additional 201 shares during the last quarter. Hedge funds and other institutional investors 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.