Planet Fitness (PLNT) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Planet Fitness (NYSE:PLNT) from a hold rating to a buy rating in a research note released on Saturday morning. They currently have $63.00 price objective on the stock.
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 brokerages also recently commented on PLNT. Imperial Capital lifted their price target on shares of Planet Fitness from $40.00 to $45.00 and gave the stock an inline rating in a report on Friday, August 10th. JPMorgan Chase & Co. downgraded shares of Planet Fitness from an overweight rating to a neutral rating and set a $22.00 price target for the company. in a report on Monday, August 13th. Robert W. Baird reiterated a buy rating and set a $56.00 price target (up from $50.00) on shares of Planet Fitness in a report on Friday, August 10th. Bank of America lifted their price target on shares of Planet Fitness from $60.00 to $62.00 and gave the stock a buy rating in a report on Wednesday, November 7th. Finally, Cowen reiterated a buy rating and set a $58.00 price target on shares of Planet Fitness in a report on Sunday, August 12th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $52.64.
Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Tuesday, November 6th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The business had revenue of $136.66 million during the quarter, compared to the consensus estimate of $126.10 million. Planet Fitness had a net margin of 11.22% and a negative return on equity of 95.97%. The company’s quarterly revenue was up 40.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. As a group, research analysts predict that Planet Fitness will post 1.21 EPS for the current year.
In related news, CFO Dorvin D. Lively sold 31,893 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $50.82, for a total value of $1,620,802.26. Following the sale, the chief financial officer now directly owns 31,893 shares of the company’s stock, valued at $1,620,802.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher Rondeau sold 80,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 4th. The stock was sold at an average price of $50.81, for a total transaction of $4,064,800.00. The disclosure for this sale can be found here. Insiders sold 418,012 shares of company stock worth $21,164,158 over the last three months. Corporate insiders own 16.38% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Osterweis Capital Management Inc. boosted its position in shares of Planet Fitness by 17.6% in the third quarter. Osterweis Capital Management Inc. now owns 204,615 shares of the company’s stock worth $11,055,000 after acquiring an additional 30,610 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Planet Fitness by 183.6% in the third quarter. Renaissance Technologies LLC now owns 916,600 shares of the company’s stock worth $49,524,000 after acquiring an additional 593,400 shares during the last quarter. Kepos Capital LP acquired a new stake in shares of Planet Fitness in the third quarter worth approximately $7,051,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Planet Fitness in the third quarter worth approximately $435,000. Finally, Blair William & Co. IL boosted its position in shares of Planet Fitness by 4.9% in the third quarter. Blair William & Co. IL now owns 923,781 shares of the company’s stock worth $49,912,000 after acquiring an additional 43,288 shares during the last quarter. 94.05% 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 name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.
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