Planet Fitness (NYSE:PLNT) Price Target Raised to $130.00 at Canaccord Genuity Group

Planet Fitness (NYSE:PLNT) had its price objective hoisted by stock analysts at Canaccord Genuity Group from $126.00 to $130.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 22.59% from the company’s current price.

PLNT has been the subject of several other reports. Jefferies Financial Group reiterated a “buy” rating on shares of Planet Fitness in a research note on Wednesday, September 24th. Raymond James Financial reissued a “strong-buy” rating on shares of Planet Fitness in a research report on Thursday, August 7th. UBS Group started coverage on shares of Planet Fitness in a report on Friday, October 17th. They issued a “buy” rating and a $125.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on Planet Fitness from $108.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Planet Fitness in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Planet Fitness has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Planet Fitness Stock Performance

PLNT traded up $2.80 during trading on Friday, reaching $106.04. 2,138,258 shares of the company’s stock were exchanged, compared to its average volume of 1,451,031. Planet Fitness has a fifty-two week low of $87.72 and a fifty-two week high of $114.47. The firm has a market capitalization of $8.93 billion, a PE ratio of 47.13, a P/E/G ratio of 2.11 and a beta of 1.37. The company’s fifty day moving average price is $98.63 and its 200-day moving average price is $102.63.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.08. The firm had revenue of $330.35 million for the quarter, compared to analyst estimates of $323.95 million. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. The business’s revenue was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Planet Fitness has set its FY 2025 guidance at 3.000-3.030 EPS. Research analysts forecast that Planet Fitness will post 2.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pelham Capital Ltd. acquired a new position in shares of Planet Fitness during the third quarter valued at about $12,841,000. PNC Financial Services Group Inc. grew its stake in shares of Planet Fitness by 6.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 4,402 shares of the company’s stock worth $457,000 after acquiring an additional 271 shares during the period. Public Sector Pension Investment Board increased its stake in shares of Planet Fitness by 61.5% in the third quarter. Public Sector Pension Investment Board now owns 58,586 shares of the company’s stock worth $6,081,000 after purchasing an additional 22,303 shares in the last quarter. Cibc World Market Inc. raised its holdings in Planet Fitness by 1.2% during the 3rd quarter. Cibc World Market Inc. now owns 8,607 shares of the company’s stock valued at $893,000 after acquiring an additional 98 shares during the period. Finally, Impax Asset Management Group plc lifted its holdings in Planet Fitness by 22.0% during the 3rd quarter. Impax Asset Management Group plc now owns 194,271 shares of the company’s stock worth $20,165,000 after purchasing an additional 35,000 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.