Planet Fitness (NYSE:PLNT) Upgraded to Buy by TD Cowen

TD Cowen upgraded shares of Planet Fitness (NYSE:PLNT) from a hold rating to a buy rating in a report released on Monday, Marketbeat.com reports. They currently have $92.00 price objective on the stock, up from their prior price objective of $66.00.

Several other research firms have also recently commented on PLNT. Raymond James upped their target price on shares of Planet Fitness from $75.00 to $80.00 and gave the company a strong-buy rating in a research note on Friday, May 10th. Robert W. Baird upped their target price on shares of Planet Fitness from $80.00 to $88.00 and gave the company an outperform rating in a research note on Friday, May 10th. Jefferies Financial Group upgraded shares of Planet Fitness from a hold rating to a buy rating and upped their target price for the company from $62.00 to $100.00 in a research note on Monday, June 10th. StockNews.com upgraded shares of Planet Fitness from a sell rating to a hold rating in a research note on Wednesday, May 8th. Finally, Royal Bank of Canada cut their target price on shares of Planet Fitness from $80.00 to $77.00 and set an outperform rating for the company in a research note on Friday, May 10th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Planet Fitness presently has a consensus rating of Moderate Buy and a consensus price target of $77.64.

Planet Fitness Trading Up 0.4 %

Shares of Planet Fitness stock opened at $73.01 on Monday. The firm has a fifty day simple moving average of $64.65 and a 200-day simple moving average of $66.37. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $75.86. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 41.96, a PEG ratio of 2.45 and a beta of 1.43.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. Planet Fitness had a net margin of 13.66% and a negative return on equity of 140.14%. The business had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $249.48 million. During the same period in the previous year, the company earned $0.41 earnings per share. Planet Fitness’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts predict that Planet Fitness will post 2.43 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PLNT. Cadian Capital Management LP lifted its position in Planet Fitness by 164.7% during the 3rd quarter. Cadian Capital Management LP now owns 4,043,507 shares of the company’s stock valued at $198,860,000 after purchasing an additional 2,516,007 shares during the period. Dorsal Capital Management LP acquired a new stake in shares of Planet Fitness in the 4th quarter valued at approximately $182,500,000. Greenvale Capital LLP raised its position in shares of Planet Fitness by 291.3% in the 4th quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock valued at $127,103,000 after acquiring an additional 1,296,140 shares during the period. Norges Bank acquired a new stake in shares of Planet Fitness in the 4th quarter valued at approximately $65,674,000. Finally, Steadfast Capital Management LP raised its position in shares of Planet Fitness by 97.7% in the 1st quarter. Steadfast Capital Management LP now owns 1,381,860 shares of the company’s stock valued at $86,546,000 after acquiring an additional 682,863 shares during the period. 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.