Planet Fitness, Inc. (NYSE:PLNT) has been assigned an average recommendation of “Buy” from the thirteen ratings firms that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $26.20.
A number of brokerages recently issued reports on PLNT. Roth Capital set a $23.00 target price on shares of Planet Fitness and gave the stock a “buy” rating in a research report on Thursday. Cowen and Company reissued an “outperform” rating and set a $28.00 price objective (up previously from $23.00) on shares of Planet Fitness in a report on Thursday. BidaskClub raised shares of Planet Fitness from a “sell” rating to a “hold” rating in a report on Saturday, August 5th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $29.00 target price (up previously from $26.00) on shares of Planet Fitness in a research note on Thursday. Finally, Zacks Investment Research raised shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research note on Friday.
Hedge funds have recently made changes to their positions in the stock. Alliancebernstein L.P. boosted its stake in shares of Planet Fitness by 15.9% in the second quarter. Alliancebernstein L.P. now owns 6,892,227 shares of the company’s stock valued at $160,865,000 after buying an additional 943,921 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Planet Fitness by 17.0% in the second quarter. Bank of New York Mellon Corp now owns 5,708,936 shares of the company’s stock worth $133,246,000 after buying an additional 830,788 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Planet Fitness by 40.6% in the first quarter. Vanguard Group Inc. now owns 4,977,283 shares of the company’s stock worth $95,913,000 after buying an additional 1,436,427 shares during the last quarter. BlackRock Inc. raised its position in shares of Planet Fitness by 108.4% in the second quarter. BlackRock Inc. now owns 4,799,995 shares of the company’s stock worth $112,033,000 after buying an additional 2,496,984 shares during the last quarter. Finally, Eagle Asset Management Inc. raised its position in shares of Planet Fitness by 10.3% in the second quarter. Eagle Asset Management Inc. now owns 3,502,857 shares of the company’s stock worth $81,756,000 after buying an additional 326,169 shares during the last quarter. Institutional investors and hedge funds own 94.72% of the company’s stock.
Planet Fitness (PLNT) traded down 1.731% on Friday, reaching $24.695. The company had a trading volume of 1,483,536 shares. Planet Fitness has a 52-week low of $18.32 and a 52-week high of $25.19. The stock has a market capitalization of $1.95 billion, a PE ratio of 42.578 and a beta of 0.90. The stock has a 50 day moving average price of $23.21 and a 200 day moving average price of $21.31.
Planet Fitness (NYSE:PLNT) last announced its earnings results on Wednesday, August 9th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $107.31 million during the quarter, compared to analysts’ expectations of $101.99 million. Planet Fitness had a net margin of 8.77% and a negative return on equity of 60.67%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the company posted $0.17 EPS. Analysts expect that Planet Fitness will post $0.47 EPS for the current year.
About Planet Fitness
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise; Corporate-owned stores, and Equipment. The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.
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