Planet Fitness (NYSE:PLNT) Receives Neutral Rating from DA Davidson

DA Davidson reaffirmed their neutral rating on shares of Planet Fitness (NYSE:PLNT) in a report published on Tuesday,Benzinga reports. They currently have a $87.00 target price on the stock.

A number of other analysts also recently issued reports on PLNT. JPMorgan Chase & Co. raised their price objective on Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Raymond James lifted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Robert W. Baird upped their price objective on shares of Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of Planet Fitness in a report on Friday, September 27th. They issued a “hold” rating and a $71.00 target price for the company. Finally, Macquarie restated a “neutral” rating and set a $99.00 price target (up from $91.00) on shares of Planet Fitness in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $97.69.

Planet Fitness Price Performance

PLNT stock opened at $108.06 on Tuesday. Planet Fitness has a 1 year low of $54.35 and a 1 year high of $108.10. The firm has a market capitalization of $9.14 billion, a PE ratio of 58.09, a price-to-earnings-growth ratio of 2.58 and a beta of 1.52. The business has a 50 day simple moving average of $100.46 and a 200-day simple moving average of $87.20.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. The business had revenue of $292.20 million during the quarter, compared to the consensus estimate of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the company earned $0.59 EPS. On average, equities research analysts expect that Planet Fitness will post 2.5 EPS for the current year.

Insider Buying and Selling

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of Planet Fitness stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the sale, the insider now directly owns 19,110 shares of the company’s stock, valued at $1,838,382. The trade was a 37.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On Planet Fitness

Several hedge funds and other institutional investors have recently made changes to their positions in PLNT. Dorsal Capital Management LP raised its position in Planet Fitness by 7.7% in the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock valued at $213,940,000 after purchasing an additional 207,193 shares during the last quarter. State Street Corp raised its holdings in Planet Fitness by 1.5% during 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 in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Planet Fitness by 169.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock valued at $96,985,000 after purchasing an additional 829,509 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Planet Fitness by 18.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,099,448 shares of the company’s stock valued at $80,910,000 after purchasing an additional 173,536 shares in the last quarter. Finally, FMR LLC raised its holdings in Planet Fitness by 666.9% during the third quarter. FMR LLC now owns 795,485 shares of the company’s stock worth $64,609,000 after purchasing an additional 691,761 shares during the last quarter. Institutional investors and hedge funds own 95.53% of the company’s stock.

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.