Planet Fitness, Inc. (PLNT) Lowered to Hold at Zacks Investment Research
Planet Fitness, Inc. (NYSE:PLNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Planet Fitness, Inc. franchises and operates fitness centers through its subsidiaries. The company’s operating segments consists of Franchise, Corporate-owned stores and Equipment. It is engaged in licensing and selling franchises under the Planet Fitness trade name, owning and operating fitness centers under the Planet Fitness trade name and selling fitness-related equipment to franchisee-owned stores. Planet Fitness, Inc. is headquartered in Newington, New Hampshire. “
A number of other equities analysts have also commented on PLNT. Jefferies Group LLC lifted their price target on shares of Planet Fitness from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, May 3rd. Roth Capital reiterated a “buy” rating and set a $23.00 price target on shares of Planet Fitness in a report on Wednesday, May 3rd. Guggenheim reiterated a “buy” rating and set a $24.00 price target on shares of Planet Fitness in a report on Monday, April 24th. BidaskClub upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. Finally, Imperial Capital lifted their price target on shares of Planet Fitness from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Thursday, May 4th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.09.
Shares of Planet Fitness (NYSE PLNT) opened at 23.04 on Thursday. The firm has a 50 day moving average price of $23.17 and a 200-day moving average price of $21.27. Planet Fitness has a 12 month low of $18.32 and a 12 month high of $25.10. The firm has a market cap of $1.67 billion, a PE ratio of 42.83 and a beta of 0.90.
Planet Fitness (NYSE:PLNT) last posted its earnings results on Wednesday, August 9th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $107.31 million for the quarter, compared to analysts’ expectations of $101.99 million. Planet Fitness had a net margin of 6.99% and a negative return on equity of 79.66%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 earnings per share. On average, analysts predict that Planet Fitness will post $0.47 EPS for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in PLNT. Alliancebernstein L.P. raised its position in Planet Fitness by 11.1% in the first quarter. Alliancebernstein L.P. now owns 5,948,306 shares of the company’s stock valued at $114,624,000 after buying an additional 593,265 shares during the last quarter. Bank of New York Mellon Corp raised its position in Planet Fitness by 17.0% in the second quarter. Bank of New York Mellon Corp now owns 5,708,936 shares of the company’s stock valued at $133,246,000 after buying an additional 830,788 shares during the last quarter. Vanguard Group Inc. raised its position in Planet Fitness by 40.6% in the first quarter. Vanguard Group Inc. now owns 4,977,283 shares of the company’s stock valued at $95,913,000 after buying an additional 1,436,427 shares during the last quarter. Eagle Asset Management Inc. raised its position in Planet Fitness by 10.3% in the second quarter. Eagle Asset Management Inc. now owns 3,502,857 shares of the company’s stock valued at $81,756,000 after buying an additional 326,169 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Planet Fitness by 17.1% in the second quarter. Jennison Associates LLC now owns 3,107,906 shares of the company’s stock valued at $72,539,000 after buying an additional 454,687 shares during the last quarter. Institutional investors and hedge funds own 94.72% of the company’s stock.
About Planet Fitness
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 the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.
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