Stifel Nicolaus Forecasts Strong Price Appreciation for Planet Fitness (NYSE:PLNT) Stock

Planet Fitness (NYSE:PLNT) had its price target hoisted by Stifel Nicolaus from $85.00 to $90.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Stifel Nicolaus’ price objective points to a potential downside of 13.85% from the company’s previous close.

PLNT has been the subject of several other reports. Piper Sandler lifted their price objective on Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and set a $120.00 price target on shares of Planet Fitness in a report on Wednesday. Raymond James boosted their price target on Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft assumed coverage on Planet Fitness in a report on Friday, September 27th. They set a “hold” rating and a $71.00 price target for the company. Finally, Morgan Stanley boosted their price target on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given 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 target price of $97.69.

Planet Fitness Price Performance

Shares of NYSE PLNT opened at $104.47 on Friday. The stock has a market capitalization of $8.84 billion, a PE ratio of 56.17, a P/E/G ratio of 2.87 and a beta of 1.52. The business has a fifty day moving average price of $100.01 and a two-hundred day moving average price of $86.66. Planet Fitness has a fifty-two week low of $54.35 and a fifty-two week high of $107.68.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. The firm had revenue of $292.20 million during the quarter, compared to analysts’ expectations of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.59 EPS. On average, equities analysts expect that Planet Fitness will post 2.5 EPS for the current year.

Insider Transactions at Planet Fitness

In other news, insider Jennifer Simmons sold 11,453 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $96.20, for a total value of $1,101,778.60. Following the completion of the sale, the insider now directly owns 19,110 shares of the company’s stock, valued at $1,838,382. This represents a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.83% of the company’s stock.

Institutional Trading of Planet Fitness

Several institutional investors and hedge funds have recently modified their holdings of PLNT. Tidal Investments LLC increased its position in shares of Planet Fitness by 132.5% during the third quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock valued at $2,352,000 after acquiring an additional 16,503 shares during the last quarter. State Street Corp increased its position in shares of Planet Fitness by 1.5% during the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after acquiring an additional 37,236 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Planet Fitness during the third quarter valued at approximately $604,000. Quest Partners LLC increased its position in shares of Planet Fitness by 126.0% during the third quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock valued at $772,000 after acquiring an additional 5,298 shares during the last quarter. Finally, Qsemble Capital Management LP increased its position in shares of Planet Fitness by 100.6% during the third quarter. Qsemble Capital Management LP now owns 20,972 shares of the company’s stock valued at $1,703,000 after acquiring an additional 10,518 shares during the last quarter. 95.53% of the stock is owned by hedge funds and other 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.