Planet Fitness (NYSE:PLNT) Reaches New 12-Month High – What’s Next?

Planet Fitness, Inc. (NYSE:PLNT) hit a new 52-week high on Thursday . The company traded as high as $110.00 and last traded at $109.57, with a volume of 293434 shares trading hands. The stock had previously closed at $107.51.

Analysts Set New Price Targets

PLNT has been the subject of several research analyst reports. Raymond James increased their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $120.00 price objective on shares of Planet Fitness in a report on Wednesday, January 15th. JPMorgan Chase & Co. boosted their target price on Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Morgan Stanley increased their price target on Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research note on Tuesday, October 29th. Finally, DA Davidson reissued a “neutral” rating and issued a $87.00 price objective on shares of Planet Fitness in a research note on Tuesday, January 21st. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $97.69.

Planet Fitness Price Performance

The company has a market cap of $9.15 billion, a PE ratio of 58.15, a price-to-earnings-growth ratio of 2.66 and a beta of 1.52. The stock has a fifty day moving average price of $101.84 and a 200-day moving average price of $88.83.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 million. During the same period in the previous year, the company posted $0.59 earnings per share. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities analysts anticipate that Planet Fitness, Inc. will post 2.5 earnings per share for the current year.

Insider Activity

In other news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the sale, the insider now owns 19,110 shares in the company, valued at $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On Planet Fitness

A number of institutional investors and hedge funds have recently bought and sold shares of PLNT. State Street Corp raised its stake in shares of Planet Fitness by 1.5% during the 3rd quarter. State Street Corp now owns 2,524,764 shares of the company’s stock worth $205,061,000 after purchasing an additional 37,236 shares during the period. Ninety One UK Ltd bought a new stake in Planet Fitness in the fourth quarter worth about $130,376,000. FMR LLC grew its position in shares of Planet Fitness by 666.9% during the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after acquiring an additional 691,761 shares during the period. WCM Investment Management LLC bought a new position in shares of Planet Fitness during the 4th quarter valued at approximately $22,289,000. Finally, Artemis Investment Management LLP purchased a new stake in shares of Planet Fitness during the 4th quarter worth approximately $18,767,000. 95.53% of the stock is owned by hedge funds and other institutional investors.

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.