Brokerages Set Planet Fitness, Inc. (NYSE:PLNT) Target Price at $25.30

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.

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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.

Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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