Brokerages Set Planet Fitness, Inc. (NYSE:PLNT) Price Target at $85.93

Shares of Planet Fitness, Inc. (NYSE:PLNT) have been assigned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $85.93.

Several research firms have recently issued reports on PLNT. JPMorgan Chase & Co. upped their price objective on shares of Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Bank of America lifted their price objective on shares of Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Robert W. Baird reissued an “outperform” rating and issued a $92.00 target price on shares of Planet Fitness in a research report on Monday, August 26th. BNP Paribas raised Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price target for the company in a research report on Thursday, September 5th. Finally, Morgan Stanley increased their price objective on Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th.

Planet Fitness Stock Up 6.1 %

Shares of PLNT opened at $84.63 on Thursday. The company has a 50 day moving average of $81.21 and a two-hundred day moving average of $74.39. Planet Fitness has a twelve month low of $54.35 and a twelve month high of $85.08. The company has a market cap of $7.21 billion, a price-to-earnings ratio of 46.50, a price-to-earnings-growth ratio of 2.64 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The firm had revenue of $300.94 million for the quarter, compared to the consensus estimate of $290.17 million. During the same period in the previous year, the business earned $0.65 EPS. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, sell-side analysts expect that Planet Fitness will post 2.43 EPS for the current year.

Institutional Investors Weigh In On Planet Fitness

Several institutional investors have recently bought and sold shares of PLNT. PNC Financial Services Group Inc. boosted its stake in shares of Planet Fitness by 58.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,530 shares of the company’s stock worth $185,000 after acquiring an additional 931 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Planet Fitness by 5.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 223,841 shares of the company’s stock valued at $14,019,000 after buying an additional 10,564 shares during the last quarter. State of Michigan Retirement System lifted its stake in shares of Planet Fitness by 2.4% in the first quarter. State of Michigan Retirement System now owns 21,000 shares of the company’s stock worth $1,315,000 after buying an additional 500 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Planet Fitness by 26.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,582 shares of the company’s stock worth $851,000 after acquiring an additional 2,831 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Planet Fitness by 228.8% during the 1st quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock valued at $1,445,000 after acquiring an additional 16,053 shares in the last quarter. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Planet Fitness Company Profile

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.