Planet Fitness (NYSE:PLNT) Stock Price Expected to Rise, Raymond James Analyst Says

Planet Fitness (NYSE:PLNT) had its price objective lifted by Raymond James from $92.00 to $110.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “strong-buy” rating on the stock. Raymond James’ price target suggests a potential upside of 15.53% from the stock’s previous close.

PLNT has been the subject of a number of other reports. Piper Sandler boosted their target price on shares of Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Morgan Stanley increased their target price on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 29th. Roth Mkm upped their price target on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Bank of America lifted their price objective on Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Stifel Nicolaus raised their price target 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. Five equities research 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. Based on data from MarketBeat.com, Planet Fitness presently has a consensus rating of “Moderate Buy” and an average target price of $91.81.

Planet Fitness Trading Up 1.1 %

Shares of NYSE PLNT traded up $1.04 during midday trading on Friday, reaching $95.21. 959,275 shares of the stock were exchanged, compared to its average volume of 1,550,478. The stock has a 50 day moving average price of $81.47 and a 200-day moving average price of $74.53. The company has a market capitalization of $8.11 billion, a P/E ratio of 52.24, a P/E/G ratio of 2.64 and a beta of 1.49. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $98.59.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The business had revenue of $292.20 million during the quarter, compared to the consensus estimate of $283.79 million. During the same quarter in the previous year, the business earned $0.59 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts forecast that Planet Fitness will post 2.43 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in Planet Fitness by 26.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,582 shares of the company’s stock worth $851,000 after purchasing an additional 2,831 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Planet Fitness by 228.8% during the first quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock valued at $1,445,000 after purchasing an additional 16,053 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Planet Fitness by 1.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company’s stock worth $1,026,000 after purchasing an additional 174 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in Planet Fitness by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 74,775 shares of the company’s stock worth $4,683,000 after buying an additional 1,049 shares during the last quarter. Finally, Duality Advisers LP acquired a new position in shares of Planet Fitness during the first quarter valued at $722,000. 95.53% of the stock is owned by institutional investors and hedge funds.

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.