Planet Fitness Inc. (NYSE:PLNT) has received a consensus rating of “Buy” from the twelve ratings firms that are currently covering the stock. One research analyst has rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $22.35.
Several brokerages have issued reports on PLNT. Zacks Investment Research raised Planet Fitness from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research note on Wednesday, June 29th. Piper Jaffray Cos. lifted their price target on Planet Fitness from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, August 12th. Jefferies Group reaffirmed a “buy” rating and set a $26.00 price target (up previously from $25.00) on shares of Planet Fitness in a research note on Friday, August 12th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $19.00 price target on shares of Planet Fitness in a research note on Monday, June 27th. Finally, Imperial Capital lifted their price target on Planet Fitness from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, August 15th.
In related news, CEO Christopher Rondeau sold 20,000 shares of the business’s stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $19.91, for a total transaction of $398,200.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Richard L. Moore sold 8,200 shares of the business’s stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $21.00, for a total value of $172,200.00. Following the transaction, the insider now owns 8,200 shares in the company, valued at approximately $172,200. The disclosure for this sale can be found here. Corporate insiders own 32.39% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in PLNT. BlackRock Advisors LLC increased its position in Planet Fitness by 3.2% in the second quarter. BlackRock Advisors LLC now owns 7,732 shares of the company’s stock worth $146,000 after buying an additional 240 shares during the period. American International Group Inc. increased its position in Planet Fitness by 3.3% in the second quarter. American International Group Inc. now owns 9,045 shares of the company’s stock worth $171,000 after buying an additional 288 shares during the period. Fortaleza Asset Management Inc. increased its position in Planet Fitness by 61.9% in the second quarter. Fortaleza Asset Management Inc. now owns 9,900 shares of the company’s stock worth $187,000 after buying an additional 3,785 shares during the period. Nationwide Fund Advisors increased its position in Planet Fitness by 4.6% in the second quarter. Nationwide Fund Advisors now owns 10,261 shares of the company’s stock worth $194,000 after buying an additional 452 shares during the period. Finally, First Mercantile Trust Co. purchased a new position in Planet Fitness during the third quarter worth $205,000. Institutional investors own 83.52% of the company’s stock.
Shares of Planet Fitness (NYSE:PLNT) traded down 1.06% during midday trading on Wednesday, hitting $19.60. The company had a trading volume of 373,826 shares. The company’s market capitalization is $871.98 million. The firm’s 50 day moving average is $20.55 and its 200 day moving average is $18.70. Planet Fitness has a 52 week low of $13.23 and a 52 week high of $23.41.
Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, August 11th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.02. Planet Fitness had a return on equity of 2,244.54% and a net margin of 1.74%. The firm earned $91.50 million during the quarter, compared to analyst estimates of $78.95 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The company’s revenue was up 15.8% compared to the same quarter last year. Equities research analysts anticipate that Planet Fitness will post $0.47 EPS for the current year.
About Planet Fitness
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise, Corporate-owned stores and Equipment. The Franchise segment includes operations related to its franchising business in the United States, Puerto Rico, Canada and the Dominican Republic.
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