Planet Fitness, Inc. (PLNT) Receives “Buy” Rating from Jefferies Group LLC
Planet Fitness, Inc. (NYSE:PLNT)‘s stock had its “buy” rating reiterated by research analysts at Jefferies Group LLC in a report released on Thursday. They presently have a $29.00 price target on the stock. Jefferies Group LLC’s target price would suggest a potential upside of 9.31% from the stock’s previous close.
Several other research firms also recently weighed in on PLNT. Zacks Investment Research downgraded shares of Planet Fitness from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. Roth Capital set a $23.00 price target on shares of Planet Fitness and gave the stock a “buy” rating in a research report on Thursday, August 10th. Imperial Capital upped their price target on shares of Planet Fitness from $25.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 15th. Cowen and Company restated an “outperform” rating and set a $28.00 price target (up previously from $23.00) on shares of Planet Fitness in a research report on Thursday, August 10th. Finally, Robert W. Baird restated an “outperform” rating and set a $31.00 price target (up previously from $28.00) on shares of Planet Fitness in a research report on Wednesday, October 4th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $28.00.
Shares of Planet Fitness (PLNT) traded up 1.92% on Thursday, hitting $26.53. The stock had a trading volume of 561,606 shares. Planet Fitness has a 12 month low of $18.32 and a 12 month high of $27.22. The firm’s 50-day moving average price is $26.35 and its 200 day moving average price is $26.35. The firm has a market cap of $2.27 billion, a P/E ratio of 45.74 and a beta of 0.86.
Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Wednesday, August 9th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.03. Planet Fitness had a net margin of 8.77% and a negative return on equity of 57.01%. The firm had revenue of $107.31 million during the quarter, compared to the consensus estimate of $101.99 million. During the same quarter in the prior year, the firm earned $0.17 EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. Analysts anticipate that Planet Fitness will post $0.47 EPS for the current fiscal year.
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In other Planet Fitness news, CEO Christopher Rondeau sold 20,000 shares of the stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $26.75, for a total value of $535,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 60,000 shares of company stock valued at $1,581,000. 19.87% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. raised its holdings in Planet Fitness by 15.9% in the 2nd quarter. Alliancebernstein L.P. now owns 6,892,227 shares of the company’s stock valued at $160,865,000 after acquiring an additional 943,921 shares during the last quarter. Vanguard Group Inc. raised its holdings in Planet Fitness by 30.2% in the 2nd quarter. Vanguard Group Inc. now owns 6,481,876 shares of the company’s stock valued at $151,286,000 after acquiring an additional 1,504,593 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Planet Fitness by 17.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,708,936 shares of the company’s stock valued at $133,246,000 after acquiring an additional 830,788 shares during the last quarter. BlackRock Inc. raised its holdings in Planet Fitness by 108.4% in the 2nd quarter. BlackRock Inc. now owns 4,799,995 shares of the company’s stock valued at $112,033,000 after acquiring an additional 2,496,984 shares during the last quarter. Finally, Capital World Investors raised its holdings in Planet Fitness by 15.9% in the 2nd quarter. Capital World Investors now owns 4,123,511 shares of the company’s stock valued at $96,243,000 after acquiring an additional 565,225 shares during the last quarter. Institutional investors own 94.15% of the company’s stock.
Planet Fitness Company Profile
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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