Planet Fitness (NYSE:PLNT) had its target price upped by stock analysts at Cowen from $30.00 to $38.00 in a report released on Wednesday. The firm currently has an “outperform” rating on the stock. Cowen’s price target would suggest a potential upside of 16.35% from the stock’s previous close.
Other equities analysts have also recently issued research reports about the company. DA Davidson initiated coverage on Planet Fitness in a research note on Monday, November 20th. They issued a “buy” rating for the company. Jefferies Group reiterated a “buy” rating and issued a $33.00 price objective on shares of Planet Fitness in a research note on Friday, November 10th. BidaskClub upgraded Planet Fitness from a “hold” rating to a “buy” rating in a research note on Friday, September 22nd. Zacks Investment Research upgraded Planet Fitness from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Wednesday, October 11th. Finally, Bank of America boosted their target price on Planet Fitness from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, November 8th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $32.88.
Shares of Planet Fitness (NYSE:PLNT) traded down $0.43 on Wednesday, hitting $32.66. The stock had a trading volume of 984,602 shares, compared to its average volume of 1,499,300. The company has a quick ratio of 1.56, a current ratio of 1.57 and a debt-to-equity ratio of -5.00. The stock has a market cap of $3,210.00 and a PE ratio of 48.75. Planet Fitness has a fifty-two week low of $18.32 and a fifty-two week high of $35.03.
In related news, CEO Christopher Rondeau sold 120,000 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $34.27, for a total transaction of $4,112,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Richard L. Moore sold 9,200 shares of Planet Fitness stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $27.02, for a total value of $248,584.00. Following the transaction, the chief accounting officer now directly owns 9,200 shares in the company, valued at approximately $248,584. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,074,427 shares of company stock valued at $32,989,022. 19.87% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. TSG6 Management L.L.C. acquired a new position in Planet Fitness during the fourth quarter worth approximately $1,015,800,000. Alliancebernstein L.P. increased its position in Planet Fitness by 15.9% during the second quarter. Alliancebernstein L.P. now owns 6,892,227 shares of the company’s stock worth $160,865,000 after buying an additional 943,921 shares during the period. Bank of New York Mellon Corp increased its position in Planet Fitness by 15.8% during the third quarter. Bank of New York Mellon Corp now owns 6,611,176 shares of the company’s stock worth $178,370,000 after buying an additional 902,240 shares during the period. Vanguard Group Inc. increased its position in Planet Fitness by 30.2% during the second quarter. Vanguard Group Inc. now owns 6,481,876 shares of the company’s stock worth $151,286,000 after buying an additional 1,504,593 shares during the period. Finally, BlackRock Inc. increased its position in Planet Fitness by 108.4% during 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 period.
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.
