Guggenheim Lowers Planet Fitness (NYSE:PLNT) Price Target to $70.00

Planet Fitness (NYSE:PLNT) had its target price cut by Guggenheim from $80.00 to $70.00 in a research report sent to investors on Monday morning, MarketBeat reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently weighed in on PLNT. Jefferies Financial Group downgraded shares of Planet Fitness from a buy rating to a hold rating and dropped their price target for the company from $90.00 to $56.00 in a research report on Monday. Bank of America lowered their price objective on shares of Planet Fitness from $95.00 to $80.00 and set a buy rating for the company in a research report on Friday, August 4th. Robert W. Baird lowered their target price on Planet Fitness from $95.00 to $87.00 and set an outperform rating for the company in a report on Friday, August 4th. Morgan Stanley decreased their price target on shares of Planet Fitness from $88.00 to $84.00 and set an overweight rating for the company in a research report on Friday, August 4th. Finally, BNP Paribas cut Planet Fitness from a neutral rating to an underperform rating and set a $57.00 price target for the company. in a research note on Friday, June 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $73.19.

Planet Fitness Trading Down 3.6 %

PLNT opened at $48.50 on Monday. The stock has a market capitalization of $4.27 billion, a P/E ratio of 32.99, a P/E/G ratio of 0.92 and a beta of 1.30. Planet Fitness has a 12 month low of $48.01 and a 12 month high of $85.90. The firm’s fifty day simple moving average is $62.42 and its 200 day simple moving average is $68.97.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.54 by $0.11. The firm had revenue of $286.50 million during the quarter, compared to analysts’ expectations of $251.99 million. Planet Fitness had a negative return on equity of 86.09% and a net margin of 12.03%. The business’s quarterly revenue was up 27.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 earnings per share. On average, equities research analysts predict that Planet Fitness will post 2.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Fitness

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in Planet Fitness by 52.2% in the second quarter. BlackRock Inc. now owns 12,057,346 shares of the company’s stock worth $813,147,000 after purchasing an additional 4,133,786 shares during the period. Champlain Investment Partners LLC raised its holdings in shares of Planet Fitness by 60.7% in the 2nd quarter. Champlain Investment Partners LLC now owns 3,103,159 shares of the company’s stock valued at $209,277,000 after purchasing an additional 1,172,525 shares in the last quarter. State Street Corp lifted its holdings in Planet Fitness by 78.4% during the second quarter. State Street Corp now owns 2,295,657 shares of the company’s stock worth $154,819,000 after buying an additional 1,008,875 shares during the period. Cadian Capital Management LP lifted its stake in shares of Planet Fitness by 113.5% during the 2nd quarter. Cadian Capital Management LP now owns 1,527,500 shares of the company’s stock worth $103,015,000 after purchasing an additional 812,000 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Planet Fitness during the fourth quarter valued at about $63,014,000. 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 Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.