Planet Fitness (NYSE:PLNT) Price Target Raised to $89.00

Planet Fitness (NYSE:PLNT) had its price target lifted by stock analysts at Piper Sandler from $80.00 to $89.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 23.18% from the company’s previous close.

PLNT has been the topic of several other research reports. Stifel Nicolaus lowered shares of Planet Fitness from a “buy” rating to a “hold” rating and reduced their price target for the company from $80.00 to $70.00 in a research report on Friday, May 10th. Raymond James boosted their target price on Planet Fitness from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, May 10th. Royal Bank of Canada cut their target price on Planet Fitness from $80.00 to $77.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. JPMorgan Chase & Co. raised Planet Fitness from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $68.00 to $78.00 in a research report on Tuesday, May 14th. Finally, Robert W. Baird boosted their target price on Planet Fitness from $80.00 to $88.00 and gave the company an “outperform” rating in a research report on Friday, May 10th. Four 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.64.

Planet Fitness Price Performance

Shares of Planet Fitness stock opened at $72.25 on Thursday. The stock has a market cap of $6.37 billion, a P/E ratio of 41.52, a P/E/G ratio of 2.44 and a beta of 1.49. The stock’s 50 day simple moving average is $67.90 and its 200-day simple moving average is $66.64. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $75.86.

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

Institutional Investors Weigh In On Planet Fitness

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Planet Fitness by 1.2% during the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after buying an additional 97,823 shares during the period. Cadian Capital Management LP boosted its stake in shares of Planet Fitness by 9.6% during the fourth quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock worth $323,417,000 after buying an additional 386,861 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Planet Fitness by 2.6% during the first quarter. Bank of New York Mellon Corp now owns 2,592,136 shares of the company’s stock worth $162,345,000 after buying an additional 66,139 shares during the period. Dorsal Capital Management LP purchased a new position in Planet Fitness during the fourth quarter worth about $182,500,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Planet Fitness by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock worth $116,453,000 after purchasing an additional 483,586 shares in the last quarter. Institutional investors and hedge funds 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.