Bank of America Raises Planet Fitness (NYSE:PLNT) Price Target to $100.00

Planet Fitness (NYSE:PLNT) had its price objective increased by Bank of America from $95.00 to $100.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also recently commented on PLNT. Raymond James increased their target price on Planet Fitness from $75.00 to $80.00 and gave the stock a strong-buy rating in a report on Friday, May 10th. TD Cowen raised shares of 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, June 24th. Jefferies Financial Group raised shares of Planet Fitness from a hold rating to a buy rating and boosted their target price for the stock from $62.00 to $100.00 in a research note on Monday, June 10th. Stifel Nicolaus cut Planet Fitness from a buy rating to a hold rating and lowered their target price for the company from $80.00 to $70.00 in a research note on Friday, May 10th. Finally, Morgan Stanley restated an overweight rating and set a $79.00 target price on shares of Planet Fitness in a research report on Friday, June 14th. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $84.87.

Planet Fitness Stock Performance

Shares of NYSE PLNT opened at $81.56 on Friday. The business has a fifty day moving average of $77.05 and a two-hundred day moving average of $68.62. Planet Fitness has a 52-week low of $44.13 and a 52-week high of $83.36. The stock has a market cap of $7.19 billion, a PE ratio of 46.87, a PEG ratio of 2.72 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The company had revenue of $300.94 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the company posted $0.65 earnings per share. Analysts predict that Planet Fitness will post 2.44 earnings per share for the current year.

Insider Buying and Selling at Planet Fitness

In other news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total transaction of $497,153.36. Following the sale, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at $524,549.42. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.94% of the company’s stock.

Institutional Trading of Planet Fitness

A number of large investors have recently bought and sold shares of the business. Fidelis Capital Partners LLC bought a new stake in shares of Planet Fitness in the first quarter valued at about $27,000. GAMMA Investing LLC raised its position in Planet Fitness by 478.8% in the 2nd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after buying an additional 316 shares during the last quarter. LRI Investments LLC lifted its stake in Planet Fitness by 61.2% in the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after acquiring an additional 153 shares in the last quarter. Quarry LP boosted its position in Planet Fitness by 174.7% during the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 318 shares during the last quarter. Finally, Dnca Finance bought a new position in shares of Planet Fitness during the 2nd quarter worth approximately $82,000. 95.53% of the stock is owned by institutional investors.

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.