Planet Fitness (NYSE:PLNT) Reaches New 1-Year High – Here’s What Happened

Planet Fitness, Inc. (NYSE:PLNT) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $110.00 and last traded at $109.57, with a volume of 293434 shares traded. The stock had previously closed at $107.51.

Analysts Set New Price Targets

PLNT has been the topic of several research reports. Piper Sandler increased their target price on Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. DA Davidson restated a “neutral” rating and issued a $87.00 price target on shares of Planet Fitness in a research note on Tuesday, January 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $120.00 price objective on shares of Planet Fitness in a research note on Wednesday, January 15th. Stifel Nicolaus boosted their target price on Planet Fitness from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. Finally, Macquarie reaffirmed a “neutral” rating and issued a $99.00 price target (up previously from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Planet Fitness presently has an average rating of “Moderate Buy” and a consensus target price of $97.69.

Planet Fitness Stock Performance

The firm’s 50-day moving average price is $101.52 and its two-hundred day moving average price is $88.47. The firm has a market cap of $9.21 billion, a PE ratio of 58.53, a P/E/G ratio of 2.63 and a beta of 1.52.

Planet Fitness (NYSE:PLNT) last released its quarterly 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. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The firm had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. During the same quarter last year, the business posted $0.59 EPS. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, sell-side analysts predict that Planet Fitness, Inc. will post 2.5 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jennifer Simmons sold 11,453 shares of the company’s stock in a transaction that occurred on 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 owns 19,110 shares in the company, valued at $1,838,382. This represents a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 5.94% of the company’s stock.

Institutional Trading of Planet Fitness

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP raised its holdings in Planet Fitness by 174.7% during the second quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 318 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Planet Fitness by 67.4% during the 4th quarter. UMB Bank n.a. now owns 390 shares of the company’s stock worth $39,000 after buying an additional 157 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Planet Fitness in the 4th quarter valued at approximately $39,000. V Square Quantitative Management LLC boosted its stake in shares of Planet Fitness by 69.8% in the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock valued at $40,000 after buying an additional 201 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Planet Fitness by 396.9% during the third quarter. GAMMA Investing LLC now owns 1,898 shares of the company’s stock worth $154,000 after acquiring an additional 1,516 shares during the period. Hedge funds and other institutional investors 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.