Planet Fitness Inc. (NYSE:PLNT) Receives $22.35 Average Target Price from Analysts
Shares of Planet Fitness Inc. (NYSE:PLNT) have been given a consensus recommendation of “Buy” by the twelve ratings firms that are covering the stock. One analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $22.35.
Several equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Planet Fitness from a “buy” rating to a “hold” rating in a research note on Wednesday, July 13th. Wedbush reissued an “outperform” rating and set a $23.00 target price (up from $21.00) on shares of Planet Fitness in a research note on Thursday, August 11th. Piper Jaffray Cos. reissued an “overweight” rating and set a $21.00 target price (up from $20.00) on shares of Planet Fitness in a research note on Wednesday, June 29th. Cowen and Company reissued an “outperform” rating and set a $24.00 target price (up from $19.00) on shares of Planet Fitness in a research note on Saturday, August 13th. Finally, Imperial Capital increased their target price on shares of Planet Fitness from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, August 15th.
Shares of Planet Fitness (NYSE:PLNT) traded up 0.50% during midday trading on Thursday, reaching $20.08. The company’s stock had a trading volume of 169,702 shares. Planet Fitness has a 52 week low of $13.23 and a 52 week high of $23.41. The company has a 50 day moving average price of $20.78 and a 200-day moving average price of $18.58. The stock’s market capitalization is $893.34 million.
Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, August 11th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. Planet Fitness had a net margin of 1.74% and a return on equity of 2,244.54%. The company had revenue of $91.50 million for the quarter, compared to analyst estimates of $78.95 million. During the same period in the prior year, the company earned $0.13 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. On average, equities research analysts expect that Planet Fitness will post $0.47 EPS for the current year.
In other Planet Fitness news, Director Pierre Lecomte sold 8,000,000 shares of the stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $19.62, for a total value of $156,960,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Richard L. Moore sold 8,200 shares of the stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $21.00, for a total transaction of $172,200.00. Following the completion of the sale, the insider now owns 8,200 shares of the company’s stock, valued at approximately $172,200. The disclosure for this sale can be found here. 32.39% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Eagle Asset Management Inc. purchased a new stake in shares of Planet Fitness during the second quarter worth about $16,199,000. State Street Corp increased its stake in shares of Planet Fitness by 4.3% in the first quarter. State Street Corp now owns 220,638 shares of the company’s stock worth $3,581,000 after buying an additional 9,010 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Planet Fitness by 18.9% in the first quarter. Geode Capital Management LLC now owns 87,969 shares of the company’s stock worth $1,428,000 after buying an additional 14,002 shares in the last quarter. Commonwealth Equity Services Inc increased its stake in shares of Planet Fitness by 3.8% in the first quarter. Commonwealth Equity Services Inc now owns 15,575 shares of the company’s stock worth $253,000 after buying an additional 575 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of Planet Fitness by 64.3% in the second quarter. State of New Jersey Common Pension Fund D now owns 115,000 shares of the company’s stock worth $2,171,000 after buying an additional 45,000 shares in the last quarter. Institutional investors own 83.52% of the company’s stock.
Planet Fitness Company Profile
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise, Corporate-owned stores and Equipment. The Franchise segment includes operations related to its franchising business in the United States, Puerto Rico, Canada and the Dominican Republic.
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