Planet Fitness (NYSE:PLNT) Shares Gap Up to $72.73

Shares of Planet Fitness, Inc. (NYSE:PLNT) gapped up prior to trading on Monday . The stock had previously closed at $72.73, but opened at $75.28. Planet Fitness shares last traded at $73.79, with a volume of 56,569 shares.

Analyst Ratings Changes

PLNT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised Planet Fitness from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $68.00 to $78.00 in a research note on Tuesday, May 14th. Jefferies Financial Group raised Planet Fitness from a “hold” rating to a “buy” rating and raised their price target for the stock from $62.00 to $100.00 in a research note on Monday, June 10th. Stifel Nicolaus lowered Planet Fitness from a “buy” rating to a “hold” rating and dropped their price target for the stock from $80.00 to $70.00 in a research note on Friday, May 10th. Royal Bank of Canada dropped their price target on Planet Fitness from $80.00 to $77.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Finally, TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and increased their price objective for the stock from $66.00 to $92.00 in a report on Monday. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $77.64.

Planet Fitness Stock Performance

The firm has a 50-day moving average price of $64.91 and a 200-day moving average price of $66.41. The stock has a market cap of $6.47 billion, a PE ratio of 42.16, a price-to-earnings-growth ratio of 2.45 and a beta of 1.43.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. The firm had revenue of $248.00 million during the quarter, compared to analyst estimates of $249.48 million. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. Planet Fitness’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 EPS. As a group, sell-side analysts anticipate that Planet Fitness, Inc. will post 2.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Planet Fitness

Large investors have recently modified their holdings of the stock. UBS Group AG raised its position in Planet Fitness by 1,356.5% in the 3rd quarter. UBS Group AG now owns 107,492 shares of the company’s stock worth $5,286,000 after buying an additional 100,112 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Planet Fitness in the 3rd quarter worth about $490,000. Dark Forest Capital Management LP raised its position in Planet Fitness by 107.5% in the 3rd quarter. Dark Forest Capital Management LP now owns 13,834 shares of the company’s stock worth $680,000 after buying an additional 7,167 shares during the last quarter. Mariner LLC raised its position in Planet Fitness by 7.9% in the 3rd quarter. Mariner LLC now owns 34,633 shares of the company’s stock worth $1,703,000 after buying an additional 2,537 shares during the last quarter. Finally, Covestor Ltd raised its position in Planet Fitness by 19.5% in the 3rd quarter. Covestor Ltd now owns 1,460 shares of the company’s stock worth $72,000 after buying an additional 238 shares during the last quarter. Hedge funds and other 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.