Planet Fitness (NYSE:PLNT) Reaches New 1-Year High After Analyst Upgrade

Planet Fitness, Inc. (NYSE:PLNT) hit a new 52-week high during mid-day trading on Friday after Bank of America raised their price target on the stock from $95.00 to $100.00. Bank of America currently has a buy rating on the stock. Planet Fitness traded as high as $83.23 and last traded at $83.17, with a volume of 7576 shares changing hands. The stock had previously closed at $81.73.

Several other brokerages also recently issued reports on PLNT. Piper Sandler upped their price objective on shares of Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. upped their price objective on shares of Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. DA Davidson reissued a “neutral” rating and set a $62.00 price objective on shares of Planet Fitness in a research note on Friday, June 14th. BMO Capital Markets reissued an “outperform” rating and set a $87.00 price objective (up previously from $80.00) on shares of Planet Fitness in a research note on Wednesday, August 7th. Finally, Roth Mkm upped their price objective on shares of Planet Fitness from $73.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $84.87.

Insider Activity at Planet Fitness

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PLNT. International Assets Investment Management LLC lifted its position in shares of Planet Fitness by 886.5% in the 4th quarter. International Assets Investment Management LLC now owns 5,840 shares of the company’s stock worth $426,000 after buying an additional 5,248 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Planet Fitness by 19.4% in the 4th quarter. Victory Capital Management Inc. now owns 17,882 shares of the company’s stock worth $1,305,000 after buying an additional 2,905 shares during the last quarter. Natixis Advisors L.P. bought a new position in shares of Planet Fitness in the 4th quarter worth about $788,000. M&T Bank Corp bought a new stake in Planet Fitness in the 4th quarter valued at about $306,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Planet Fitness by 4.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 889,028 shares of the company’s stock valued at $64,899,000 after purchasing an additional 37,077 shares during the last quarter. 95.53% of the stock is currently owned by institutional investors.

Planet Fitness Trading Down 0.2 %

The stock has a market capitalization of $7.19 billion, a P/E ratio of 46.87, a P/E/G ratio of 2.72 and a beta of 1.49. The company’s 50-day moving average is $77.05 and its two-hundred day moving average is $68.61.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.05. The firm had revenue of $300.94 million for the quarter, compared to the consensus estimate of $290.17 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. Planet Fitness’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period last year, the firm posted $0.65 EPS. Sell-side analysts expect that Planet Fitness, Inc. will post 2.44 EPS for the current fiscal year.

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.