Planet Fitness (NYSE:PLNT) Hits New 1-Year High – Still a Buy?

Planet Fitness, Inc. (NYSE:PLNTGet Free Report)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $98.59 and last traded at $97.94, with a volume of 116663 shares changing hands. The stock had previously closed at $84.65.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PLNT shares. Robert W. Baird restated an “outperform” rating and issued a $92.00 price objective on shares of Planet Fitness in a report on Monday, August 26th. Royal Bank of Canada boosted their price target on shares of Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Morgan Stanley lifted their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price target on shares of Planet Fitness from $78.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 target price (up from $80.00) on shares of Planet Fitness in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Planet Fitness currently has an average rating of “Moderate Buy” and a consensus target price of $85.93.

Check Out Our Latest Stock Analysis on PLNT

Planet Fitness Price Performance

The stock has a 50-day moving average price of $81.21 and a 200 day moving average price of $74.39. The firm has a market cap of $8.16 billion, a price-to-earnings ratio of 53.81, a PEG ratio of 2.64 and a beta of 1.49.

Planet Fitness (NYSE:PLNTGet Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. The business had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.65 earnings per share. As a group, equities research analysts predict that Planet Fitness, Inc. will post 2.43 earnings per share for the current year.

Hedge Funds Weigh In On Planet Fitness

Several institutional investors have recently bought and sold shares of PLNT. Vanguard Group Inc. boosted its stake in shares of Planet Fitness by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after purchasing an additional 97,823 shares during the last quarter. Bessemer Group Inc. increased its holdings in Planet Fitness by 24.9% during the 1st quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock worth $14,335,000 after purchasing an additional 45,623 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in shares of Planet Fitness in the 1st quarter valued at approximately $1,786,000. State Board of Administration of Florida Retirement System boosted its stake in shares of Planet Fitness by 4.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 92,400 shares of the company’s stock valued at $5,787,000 after buying an additional 3,860 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Planet Fitness by 228.8% during the first quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock worth $1,445,000 after buying an additional 16,053 shares in the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

Planet Fitness Company Profile

(Get Free Report)

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.

Further Reading

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