Planet Fitness (NYSE:PLNT) Price Target Increased to $89.00 by Analysts at Morgan Stanley

Planet Fitness (NYSE:PLNT) had its target price lifted by Morgan Stanley from $84.00 to $89.00 in a report issued on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also weighed in on PLNT. Royal Bank of Canada increased 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. Bank of America lifted their target price on Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Roth Mkm upped their price target 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. Robert W. Baird reiterated an “outperform” rating and issued a $92.00 price objective on shares of Planet Fitness in a research note on Monday, August 26th. Finally, Stifel Nicolaus boosted their price objective on shares of Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $85.93.

Planet Fitness Price Performance

Shares of NYSE PLNT opened at $80.15 on Tuesday. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 46.06, a PEG ratio of 2.74 and a beta of 1.49. Planet Fitness has a fifty-two week low of $53.31 and a fifty-two week high of $85.08. The business has a 50-day moving average of $81.36 and a 200-day moving average of $73.65.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) 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 analyst estimates of $290.17 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.65 earnings per share. On average, sell-side analysts expect that Planet Fitness will post 2.43 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On Planet Fitness

Several hedge funds have recently modified their holdings of PLNT. Fidelis Capital Partners LLC acquired a new position in Planet Fitness in the 1st quarter worth about $27,000. GAMMA Investing LLC increased its stake in shares of Planet Fitness by 478.8% in the second 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 period. LRI Investments LLC increased its stake in shares of Planet Fitness by 61.2% in the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after buying an additional 153 shares during the period. Quarry LP raised its holdings in Planet Fitness by 174.7% in the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock valued at $37,000 after buying an additional 318 shares during the last quarter. Finally, V Square Quantitative Management LLC boosted its position in Planet Fitness by 69.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after buying an additional 201 shares during the period. 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.