Planet Fitness (NYSE:PLNT) Coverage Initiated at Canaccord Genuity Group

Equities research analysts at Canaccord Genuity Group began coverage on shares of Planet Fitness (NYSE:PLNT) in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm set a “buy” rating and a $120.00 price target on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 25.58% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Piper Sandler increased their price objective on Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada restated an “outperform” rating and issued a $120.00 price objective on shares of Planet Fitness in a report on Monday, February 24th. Guggenheim restated a “buy” rating and issued a $105.00 price objective on shares of Planet Fitness in a report on Thursday, February 27th. JPMorgan Chase & Co. increased their price objective on Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Roth Mkm reiterated a “buy” rating and set a $115.00 price target (up previously from $110.00) on shares of Planet Fitness in a report on Wednesday, February 26th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $100.17.

Planet Fitness Stock Performance

Planet Fitness stock opened at $95.56 on Thursday. Planet Fitness has a one year low of $54.35 and a one year high of $110.00. The firm has a market capitalization of $8.09 billion, a P/E ratio of 51.38, a P/E/G ratio of 2.45 and a beta of 1.54. The company has a 50-day simple moving average of $101.16 and a 200-day simple moving average of $93.24.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company had revenue of $340.50 million during the quarter, compared to analyst estimates of $324.57 million. During the same period in the prior year, the firm earned $0.60 earnings per share. The business’s quarterly revenue was up 19.4% on a year-over-year basis. As a group, sell-side analysts forecast that Planet Fitness will post 2.51 earnings per share for the current year.

Institutional Trading of Planet Fitness

A number of hedge funds and other institutional investors have recently made changes to their positions in PLNT. Tidal Investments LLC increased its position in Planet Fitness by 132.5% in the third quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock worth $2,352,000 after purchasing an additional 16,503 shares during the period. AMJ Financial Wealth Management acquired a new stake in Planet Fitness in the fourth quarter worth about $495,000. State Street Corp increased its position in Planet Fitness by 1.5% in the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock worth $205,061,000 after purchasing an additional 37,236 shares during the period. Nkcfo LLC acquired a new stake in Planet Fitness in the fourth quarter worth about $1,088,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Planet Fitness in the third quarter worth about $604,000. 95.53% of the stock is currently owned by institutional investors and hedge funds.

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.