Planet Fitness (NYSE:PLNT) Rating Lowered to Hold at Stifel Nicolaus

Planet Fitness (NYSE:PLNT) was downgraded by research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Friday, Marketbeat reports. They currently have a $70.00 price objective on the stock, down from their prior price objective of $80.00. Stifel Nicolaus’ target price would suggest a potential upside of 7.20% from the stock’s previous close.

PLNT has been the subject of a number of other reports. DA Davidson reissued a “neutral” rating and set a $62.00 price target on shares of Planet Fitness in a research note on Monday, February 5th. JPMorgan Chase & Co. dropped their target price on shares of Planet Fitness from $75.00 to $72.00 and set a “neutral” rating for the company in a research report on Monday, February 26th. Royal Bank of Canada raised their price target on Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Morgan Stanley reiterated an “overweight” rating and issued a $79.00 price objective on shares of Planet Fitness in a report on Monday, April 1st. Finally, Piper Sandler raised their target price on Planet Fitness from $88.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, January 11th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.50.

Planet Fitness Stock Performance

Shares of PLNT opened at $65.30 on Friday. The business’s fifty day moving average price is $61.48 and its two-hundred day moving average price is $65.21. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 40.31, a PEG ratio of 1.93 and a beta of 1.37. Planet Fitness has a 52 week low of $44.13 and a 52 week high of $75.86.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. The business had revenue of $285.10 million for the quarter, compared to analysts’ expectations of $282.35 million. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.53 earnings per share. As a group, research analysts forecast that Planet Fitness will post 2.48 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP increased its holdings in Planet Fitness by 247.6% during the 4th quarter. Allworth Financial LP now owns 358 shares of the company’s stock worth $26,000 after purchasing an additional 255 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Planet Fitness during the first quarter worth about $27,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Planet Fitness during the fourth quarter worth about $47,000. Asset Management One Co. Ltd. raised its position in Planet Fitness by 17.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock valued at $73,000 after buying an additional 148 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in Planet Fitness by 24.4% in the 4th quarter. First Horizon Advisors Inc. now owns 1,006 shares of the company’s stock valued at $73,000 after acquiring an additional 197 shares in the last quarter. Institutional investors and hedge funds own 95.53% of the company’s stock.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.