Planet Fitness (NYSE:PLNT) Receives “Outperform” Rating from Robert W. Baird

Robert W. Baird reaffirmed their outperform rating on shares of Planet Fitness (NYSE:PLNT) in a research report report published on Monday morning, Benzinga reports. Robert W. Baird currently has a $92.00 price target on the stock.

PLNT has been the subject of several other reports. BMO Capital Markets reaffirmed an outperform rating and issued a $87.00 price objective (up from $80.00) on shares of Planet Fitness in a report on Wednesday, August 7th. Morgan Stanley reiterated an overweight rating and set a $79.00 price objective on shares of Planet Fitness in a research note on Friday, June 14th. TD Cowen upgraded shares of Planet Fitness from a hold rating to a buy rating and boosted their target price for the company from $66.00 to $92.00 in a research report on Monday, June 24th. Raymond James increased their price target on shares of Planet Fitness from $75.00 to $80.00 and gave the stock a strong-buy rating in a research report on Friday, May 10th. Finally, Royal Bank of Canada upped their target price on Planet Fitness from $77.00 to $87.00 and gave the stock an outperform rating in a research note on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Planet Fitness has a consensus rating of Moderate Buy and an average price target of $79.87.

Planet Fitness Stock Performance

PLNT stock opened at $81.87 on Monday. Planet Fitness has a 52 week low of $44.13 and a 52 week high of $82.82. The company’s 50-day simple moving average is $75.65 and its 200 day simple moving average is $67.77. The company has a market capitalization of $7.22 billion, a PE ratio of 47.05, a price-to-earnings-growth ratio of 2.65 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The firm had revenue of $300.94 million for the quarter, compared to analyst estimates of $290.17 million. During the same quarter in the prior year, the business posted $0.65 EPS. The business’s revenue was up 5.1% compared to the same quarter last year. On average, analysts forecast that Planet Fitness will post 2.43 EPS for the current year.

Insider Activity at Planet Fitness

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On Planet Fitness

Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Planet Fitness by 17.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 897,910 shares of the company’s stock worth $65,549,000 after acquiring an additional 133,541 shares during the period. Broad Bay Capital Management LP lifted its position in shares of Planet Fitness by 15.4% in the 4th quarter. Broad Bay Capital Management LP now owns 1,223,000 shares of the company’s stock worth $89,279,000 after purchasing an additional 163,000 shares during the period. Vanguard Group Inc. boosted its stake in shares of Planet Fitness by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after purchasing an additional 97,823 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Planet Fitness by 24.9% during the first quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock worth $14,335,000 after buying an additional 45,623 shares during the period. Finally, Picton Mahoney Asset Management bought a new position in Planet Fitness during the first quarter worth $1,786,000. Institutional investors 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.