Other equities research analysts have also recently issued reports about the company. DA Davidson began coverage on Planet Fitness in a report on Monday, November 20th. They set a buy rating for the company. Piper Jaffray Companies reiterated an overweight rating on shares of Planet Fitness in a research report on Monday, December 18th. Jefferies Group reiterated a buy rating and issued a $33.00 price objective on shares of Planet Fitness in a research report on Friday, November 10th. Bank of America increased their price objective on Planet Fitness from $32.00 to $33.00 and gave the company a buy rating in a research report on Wednesday, November 8th. Finally, Imperial Capital increased their price objective on Planet Fitness from $28.00 to $33.00 and gave the company an outperform rating in a research report on Thursday, November 9th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Planet Fitness presently has a consensus rating of Buy and a consensus price target of $35.75.
Shares of Planet Fitness (NYSE:PLNT) opened at $37.18 on Friday. Planet Fitness has a twelve month low of $18.32 and a twelve month high of $38.32. The firm has a market capitalization of $3,710.00 and a price-to-earnings ratio of 8.65. The company has a current ratio of 1.57, a quick ratio of 1.56 and a debt-to-equity ratio of -5.00.
Planet Fitness declared that its Board of Directors has approved a share buyback plan on Thursday, February 22nd that permits the company to repurchase $80.00 million in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other news, CEO Christopher Rondeau sold 60,000 shares of the firm’s stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $31.98, for a total value of $1,918,800.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Dorvin D. Lively sold 38,674 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $32.29, for a total value of $1,248,783.46. Following the completion of the transaction, the chief financial officer now owns 38,674 shares in the company, valued at $1,248,783.46. The disclosure for this sale can be found here. Insiders sold a total of 688,674 shares of company stock worth $22,503,951 over the last quarter. Corporate insiders own 19.87% of the company’s stock.
Large investors have recently bought and sold shares of the company. Bank of Montreal Can bought a new position in shares of Planet Fitness in the 4th quarter worth $104,000. SG Americas Securities LLC bought a new position in shares of Planet Fitness in the 4th quarter worth $114,000. Envestnet Asset Management Inc. boosted its position in shares of Planet Fitness by 164.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,865 shares of the company’s stock worth $131,000 after purchasing an additional 3,022 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Planet Fitness by 81.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,994 shares of the company’s stock worth $173,000 after purchasing an additional 2,244 shares during the last quarter. Finally, Strs Ohio boosted its position in shares of Planet Fitness by 69.7% in the 4th quarter. Strs Ohio now owns 5,600 shares of the company’s stock worth $193,000 after purchasing an additional 2,300 shares during the last quarter.
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 the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.
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