Planet Fitness Inc (NYSE:PLNT)’s stock price traded up 9.1% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $70.74 and last traded at $68.42, 4,535,623 shares traded hands during trading. An increase of 219% from the average session volume of 1,423,953 shares. The stock had previously closed at $62.71.

The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. Planet Fitness had a net margin of 16.29% and a negative return on equity of 46.45%. The company had revenue of $166.82 million for the quarter, compared to analyst estimates of $162.26 million. During the same period last year, the firm earned $0.28 earnings per share. The firm’s revenue was up 22.1% on a year-over-year basis.

A number of research analysts recently weighed in on the stock. Roth Capital dropped their price target on shares of Planet Fitness from $86.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday. ValuEngine lowered shares of Planet Fitness from a “hold” rating to a “sell” rating in a research report on Tuesday. Imperial Capital raised shares of Planet Fitness from an “in-line” rating to an “outperform” rating and set a $72.50 price target on the stock in a research report on Monday, October 14th. Zacks Investment Research lowered shares of Planet Fitness from a “hold” rating to a “strong sell” rating and set a $63.00 price target on the stock. in a research report on Wednesday. Finally, Berenberg Bank lowered shares of Planet Fitness from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $80.00 to $69.00 in a research report on Tuesday, September 3rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. Planet Fitness currently has an average rating of “Buy” and an average price target of $76.50.

A number of hedge funds have recently made changes to their positions in PLNT. Frontier Wealth Management LLC increased its stake in shares of Planet Fitness by 4.6% in the second quarter. Frontier Wealth Management LLC now owns 3,670 shares of the company’s stock worth $266,000 after purchasing an additional 160 shares in the last quarter. Landsberg Bennett & Dubbaneh LLC increased its stake in shares of Planet Fitness by 0.8% in the third quarter. Landsberg Bennett & Dubbaneh LLC now owns 28,800 shares of the company’s stock worth $1,654,000 after purchasing an additional 238 shares in the last quarter. Groesbeck Investment Management Corp NJ increased its stake in shares of Planet Fitness by 2.8% in the third quarter. Groesbeck Investment Management Corp NJ now owns 9,610 shares of the company’s stock worth $556,000 after purchasing an additional 260 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Planet Fitness by 157.1% in the second quarter. Bank of Montreal Can now owns 486 shares of the company’s stock worth $35,000 after purchasing an additional 297 shares in the last quarter. Finally, Zacks Investment Management increased its stake in shares of Planet Fitness by 0.5% in the second quarter. Zacks Investment Management now owns 59,612 shares of the company’s stock worth $4,318,000 after purchasing an additional 307 shares in the last quarter. 88.97% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market cap of $5.55 billion, a PE ratio of 56.08, a P/E/G ratio of 1.69 and a beta of 0.63. The firm’s 50 day moving average price is $60.22 and its two-hundred day moving average price is $70.59.

Planet Fitness Company Profile (NYSE:PLNT)

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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