Planet Fitness (NYSE:PLNT) Shares Gap Up Following Analyst Upgrade

Shares of Planet Fitness, Inc. (NYSE:PLNT) gapped up before the market opened on Thursday after Stifel Nicolaus raised their price target on the stock from $125.00 to $130.00. The stock had previously closed at $103.77, but opened at $107.71. Stifel Nicolaus currently has a buy rating on the stock. Planet Fitness shares last traded at $108.03, with a volume of 360,782 shares.

A number of other brokerages have also recently issued reports on PLNT. Royal Bank Of Canada raised their target price on shares of Planet Fitness from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Financial Group restated a “buy” rating on shares of Planet Fitness in a research note on Wednesday, September 24th. JPMorgan Chase & Co. increased their target price on Planet Fitness from $108.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Morgan Stanley upped their price target on shares of Planet Fitness from $119.00 to $123.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Canaccord Genuity Group increased their price objective on shares of Planet Fitness from $126.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Planet Fitness has a consensus rating of “Moderate Buy” and an average target price of $116.54.

Hedge Funds Weigh In On Planet Fitness

Large investors have recently made changes to their positions in the business. Game Plan Financial Advisors LLC bought a new stake in shares of Planet Fitness in the 2nd quarter worth approximately $25,000. Hantz Financial Services Inc. grew its position in Planet Fitness by 964.0% in the second quarter. Hantz Financial Services Inc. now owns 266 shares of the company’s stock worth $29,000 after buying an additional 241 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of Planet Fitness by 57.8% in the first quarter. Brooklyn Investment Group now owns 322 shares of the company’s stock valued at $31,000 after buying an additional 118 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Planet Fitness by 184.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 330 shares of the company’s stock valued at $36,000 after acquiring an additional 214 shares during the last quarter. Finally, SJS Investment Consulting Inc. boosted its stake in shares of Planet Fitness by 6,950.0% during the 3rd quarter. SJS Investment Consulting Inc. now owns 423 shares of the company’s stock worth $44,000 after acquiring an additional 417 shares in the last quarter. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Trading Down 1.2%

The stock has a fifty day moving average of $98.90 and a 200-day moving average of $103.05. The firm has a market capitalization of $8.81 billion, a price-to-earnings ratio of 43.17, a PEG ratio of 2.39 and a beta of 1.37.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.08. The business had revenue of $330.35 million during the quarter, compared to analyst estimates of $323.95 million. Planet Fitness had a negative return on equity of 126.58% and a net margin of 15.97%.Planet Fitness’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter last year, the company posted $0.64 EPS. Planet Fitness has set its FY 2025 guidance at 3.000-3.030 EPS. As a group, equities research analysts forecast that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

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 company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.