Planet Fitness (NYSE:PLNT) Reaches New 1-Year High – Here’s What Happened

Planet Fitness, Inc. (NYSE:PLNT) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $108.10 and last traded at $108.06, with a volume of 1467716 shares traded. The stock had previously closed at $104.46.

Analyst Upgrades and Downgrades

PLNT has been the topic of several recent analyst reports. Stifel Nicolaus lifted their target price on shares of Planet Fitness from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday. Morgan Stanley lifted their target price on shares of Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. raised their price target on shares of Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday. Macquarie restated a “neutral” rating and issued a $99.00 price target (up from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $120.00 price target on shares of Planet Fitness in a research report on Wednesday, January 15th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.69.

Planet Fitness Trading Up 3.4 %

The firm has a fifty day simple moving average of $100.20 and a 200-day simple moving average of $86.96. The stock has a market cap of $9.14 billion, a price-to-earnings ratio of 58.09, a P/E/G ratio of 2.58 and a beta of 1.52.

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

Insider Activity

In other news, insider Jennifer Simmons sold 11,453 shares of the stock in a transaction 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 transaction, the insider now owns 19,110 shares of the company’s stock, valued at $1,838,382. This represents a 37.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Anomaly Capital Management LP acquired a new stake in Planet Fitness during the 2nd quarter worth $106,795,000. Point72 Asset Management L.P. increased its holdings in Planet Fitness by 169.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after purchasing an additional 829,509 shares in the last quarter. FMR LLC increased its holdings in Planet Fitness by 666.9% during the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock worth $64,609,000 after purchasing an additional 691,761 shares in the last quarter. Dorsal Capital Management LP increased its holdings in Planet Fitness by 7.7% during the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock worth $213,940,000 after purchasing an additional 207,193 shares in the last quarter. Finally, Artemis Investment Management LLP bought a new position in Planet Fitness during the 4th quarter worth about $18,767,000. 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.