JPMorgan Chase & Co. Raises Planet Fitness (NYSE:PLNT) Price Target to $100.00

Planet Fitness (NYSE:PLNT) had its price target raised by equities research analysts at JPMorgan Chase & Co. from $90.00 to $100.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 4.28% from the company’s current price.

Other equities analysts have also issued reports about the stock. Morgan Stanley lifted their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th. Royal Bank of Canada reissued an “outperform” rating and set a $120.00 price objective on shares of Planet Fitness in a report on Wednesday. Macquarie reaffirmed a “neutral” rating and issued a $99.00 price target (up from $91.00) on shares of Planet Fitness in a report on Friday, November 8th. Piper Sandler lifted their price target on shares of Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Planet Fitness in a report on Friday, September 27th. They issued a “hold” rating and a $71.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $97.69.

Planet Fitness Stock Performance

Planet Fitness stock opened at $104.47 on Friday. The company has a 50 day moving average price of $100.01 and a 200-day moving average price of $86.66. Planet Fitness has a fifty-two week low of $54.35 and a fifty-two week high of $107.68. The company has a market capitalization of $8.84 billion, a PE ratio of 56.17, a P/E/G ratio of 2.87 and a beta of 1.52.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07. The company had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. Planet Fitness’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company posted $0.59 earnings per share. On average, analysts forecast that Planet Fitness will post 2.5 earnings per share for the current year.

Insider Activity

In related news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the transaction, the insider now directly owns 19,110 shares in the company, valued at $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. UMB Bank n.a. lifted its position in Planet Fitness by 67.4% during the fourth quarter. UMB Bank n.a. now owns 390 shares of the company’s stock valued at $39,000 after purchasing an additional 157 shares during the period. V Square Quantitative Management LLC lifted its position in Planet Fitness by 69.8% during the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock valued at $40,000 after purchasing an additional 201 shares during the period. Quarry LP lifted its position in Planet Fitness by 174.7% during the second quarter. Quarry LP now owns 500 shares of the company’s stock valued at $37,000 after purchasing an additional 318 shares during the period. GAMMA Investing LLC lifted its position in Planet Fitness by 396.9% during the third quarter. GAMMA Investing LLC now owns 1,898 shares of the company’s stock valued at $154,000 after purchasing an additional 1,516 shares during the period. Finally, Beaumont Financial Advisors LLC acquired a new position in shares of Planet Fitness in the fourth quarter worth about $202,000. 95.53% of the stock is currently owned by institutional investors and hedge funds.

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.