Planet Fitness (NYSE:PLNT) Price Target Lowered to $65.00 at Robert W. Baird

Planet Fitness (NYSE:PLNT) had its price objective cut by Robert W. Baird from $87.00 to $65.00 in a report published on Monday, FlyOnTheWall reports.

Several other brokerages have also recently weighed in on PLNT. Jefferies Financial Group downgraded shares of Planet Fitness from a buy rating to a hold rating and lowered their price objective for the company from $90.00 to $56.00 in a report on Monday. TD Cowen downgraded Planet Fitness from an outperform rating to a market perform rating and lowered their price target for the stock from $72.00 to $55.00 in a research report on Friday. Guggenheim dropped their price objective on shares of Planet Fitness from $80.00 to $70.00 and set a buy rating on the stock in a research report on Monday. Royal Bank of Canada lowered their target price on Planet Fitness from $86.00 to $78.00 and set an outperform rating on the stock in a research note on Friday, August 4th. Finally, DA Davidson cut their price objective on shares of Planet Fitness from $67.00 to $66.00 and set a neutral rating for the company in a report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $73.19.

Planet Fitness Trading Down 3.6 %

NYSE:PLNT opened at $48.50 on Monday. The firm has a 50 day moving average of $62.42 and a 200-day moving average of $68.97. Planet Fitness has a 1 year low of $48.01 and a 1 year high of $85.90. The stock has a market capitalization of $4.27 billion, a P/E ratio of 32.99, a price-to-earnings-growth ratio of 0.92 and a beta of 1.30.

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

Institutional Trading of Planet Fitness

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. raised its position in shares of Planet Fitness by 93.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 456 shares of the company’s stock worth $35,000 after purchasing an additional 220 shares during the last quarter. Quarry LP purchased a new position in Planet Fitness during the first quarter valued at $38,000. International Assets Investment Management LLC purchased a new position in shares of Planet Fitness during the 1st quarter valued at about $40,000. CWM LLC lifted its holdings in Planet Fitness by 52.9% during the second quarter. CWM LLC now owns 697 shares of the company’s stock valued at $47,000 after purchasing an additional 241 shares in the last quarter. Finally, Harbor Capital Advisors Inc. bought a new position in Planet Fitness in the 2nd quarter worth $48,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

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.