Stifel Nicolaus Upgrades Planet Fitness (NYSE:PLNT) to “Buy”

Planet Fitness (NYSE:PLNT) was upgraded by stock analysts at Stifel Nicolaus from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday,Finviz reports. The brokerage presently has a $120.00 price target on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 15.43% from the company’s previous close.

A number of other analysts have also weighed in on the stock. BMO Capital Markets increased their target price on shares of Planet Fitness from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, March 31st. Macquarie reiterated a “neutral” rating and issued a $95.00 price objective on shares of Planet Fitness in a research report on Tuesday, May 13th. Canaccord Genuity Group initiated coverage on Planet Fitness in a research note on Thursday, March 13th. They set a “buy” rating and a $120.00 target price on the stock. Guggenheim reaffirmed a “buy” rating and issued a $110.00 price target on shares of Planet Fitness in a research note on Monday, May 12th. Finally, Morgan Stanley lifted their price target on shares of Planet Fitness from $111.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.11.

Planet Fitness Stock Performance

Shares of PLNT stock opened at $103.96 on Thursday. The company has a market capitalization of $8.75 billion, a P/E ratio of 55.89, a PEG ratio of 2.45 and a beta of 1.33. Planet Fitness has a fifty-two week low of $60.56 and a fifty-two week high of $110.00. The stock has a 50 day moving average price of $97.02 and a two-hundred day moving average price of $98.69.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.03). The firm had revenue of $276.66 million for the quarter, compared to the consensus estimate of $279.80 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. As a group, equities analysts predict that Planet Fitness will post 2.51 earnings per share for the current year.

Institutional Investors Weigh In On Planet Fitness

Several hedge funds have recently bought and sold shares of PLNT. Corient Private Wealth LLC increased its stake in shares of Planet Fitness by 2.1% during the fourth quarter. Corient Private Wealth LLC now owns 4,623 shares of the company’s stock valued at $457,000 after purchasing an additional 94 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of Planet Fitness by 57.8% in the 1st quarter. Brooklyn Investment Group now owns 322 shares of the company’s stock worth $31,000 after buying an additional 118 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Planet Fitness by 4.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,235 shares of the company’s stock valued at $313,000 after buying an additional 126 shares in the last quarter. GAMMA Investing LLC raised its stake in Planet Fitness by 7.4% during the first quarter. GAMMA Investing LLC now owns 2,245 shares of the company’s stock valued at $217,000 after buying an additional 155 shares during the last quarter. Finally, Xponance Inc. boosted its holdings in Planet Fitness by 1.1% in the first quarter. Xponance Inc. now owns 13,767 shares of the company’s stock worth $1,330,000 after acquiring an additional 156 shares in the last quarter. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Company Profile

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.