Analysts Set Planet Fitness, Inc. (NYSE:PLNT) PT at $84.87

Planet Fitness, Inc. (NYSE:PLNT) has been given a consensus rating of “Moderate Buy” by the fourteen brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $85.93.

A number of analysts have weighed in on PLNT shares. Morgan Stanley restated an “overweight” rating and set a $79.00 price objective on shares of Planet Fitness in a research note on Friday, June 14th. BNP Paribas upgraded shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price objective for the company in a report on Thursday, September 5th. DA Davidson reiterated a “neutral” rating and set a $62.00 target price on shares of Planet Fitness in a research note on Friday, June 14th. Robert W. Baird restated an “outperform” rating and issued a $92.00 price target on shares of Planet Fitness in a research note on Monday, August 26th. Finally, Royal Bank of Canada increased their price objective on Planet Fitness from $77.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th.

Planet Fitness Stock Performance

PLNT stock opened at $81.62 on Wednesday. The firm has a 50 day moving average price of $78.05 and a 200-day moving average price of $69.42. Planet Fitness has a 52-week low of $44.13 and a 52-week high of $83.98. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 46.91, a PEG ratio of 2.75 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last released its earnings results on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.66 by $0.05. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The business had revenue of $300.94 million for the quarter, compared to the consensus estimate of $290.17 million. During the same period in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Planet Fitness will post 2.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total transaction of $497,153.36. Following the completion of the sale, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.94% of the company’s stock.

Institutional Trading of Planet Fitness

Hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC grew its stake in shares of Planet Fitness by 886.5% during the 4th quarter. International Assets Investment Management LLC now owns 5,840 shares of the company’s stock valued at $426,000 after acquiring an additional 5,248 shares during the period. Victory Capital Management Inc. increased its stake in shares of Planet Fitness by 19.4% in the fourth quarter. Victory Capital Management Inc. now owns 17,882 shares of the company’s stock worth $1,305,000 after purchasing an additional 2,905 shares in the last quarter. Natixis Advisors L.P. bought a new stake in shares of Planet Fitness during the 4th quarter valued at $788,000. M&T Bank Corp purchased a new position in shares of Planet Fitness during the 4th quarter valued at $306,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Planet Fitness by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 889,028 shares of the company’s stock valued at $64,899,000 after buying an additional 37,077 shares in the last quarter. Institutional investors 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.