Cowen Boosts Planet Fitness (PLNT) Price Target to $38.00
Planet Fitness (NYSE:PLNT) had its price target increased by stock analysts at Cowen from $30.00 to $38.00 in a research note issued on Wednesday. The brokerage presently has an “outperform” rating on the stock. Cowen’s price objective would suggest a potential upside of 16.35% from the company’s current price.
A number of other research firms also recently weighed in on PLNT. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Planet Fitness in a research note on Monday, December 18th. Bank of America increased their target price on shares of Planet Fitness from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Zacks Investment Research raised shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Thursday, October 26th. Jefferies Group downgraded shares of Planet Fitness from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, Robert W. Baird reissued an “outperform” rating and set a $31.00 target price (up from $28.00) on shares of Planet Fitness in a research report on Wednesday, October 4th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Planet Fitness currently has an average rating of “Buy” and an average target price of $32.88.
Planet Fitness (NYSE PLNT) traded down $0.43 during midday trading on Wednesday, hitting $32.66. 984,602 shares of the stock were exchanged, compared to its average volume of 1,070,000. Planet Fitness has a 1-year low of $18.32 and a 1-year high of $35.03. The company has a debt-to-equity ratio of -5.00, a current ratio of 1.57 and a quick ratio of 1.56. The firm has a market capitalization of $3,210.00 and a P/E ratio of 48.75.
In other Planet Fitness news, CEO Christopher Rondeau sold 120,000 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $34.27, for a total transaction of $4,112,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Richard L. Moore sold 1,640 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $27.00, for a total transaction of $44,280.00. Following the sale, the chief accounting officer now owns 1,640 shares of the company’s stock, valued at $44,280. The disclosure for this sale can be found here. Insiders have sold 1,074,427 shares of company stock worth $32,989,022 over the last three months. Company insiders own 19.87% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. boosted its holdings in Planet Fitness by 164.0% during the third quarter. Envestnet Asset Management Inc. now owns 4,865 shares of the company’s stock valued at $131,000 after acquiring an additional 3,022 shares during the period. D.A. Davidson & CO. bought a new stake in Planet Fitness during the second quarter valued at about $145,000. Ameritas Investment Partners Inc. boosted its holdings in Planet Fitness by 234.8% during the second quarter. Ameritas Investment Partners Inc. now owns 7,399 shares of the company’s stock valued at $173,000 after acquiring an additional 5,189 shares during the period. Prudential Financial Inc. bought a new stake in Planet Fitness during the third quarter valued at about $214,000. Finally, Great West Life Assurance Co. Can boosted its holdings in Planet Fitness by 126.5% during the second quarter. Great West Life Assurance Co. Can now owns 10,137 shares of the company’s stock valued at $236,000 after acquiring an additional 5,662 shares during the period.
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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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