Planet Fitness (NYSE:PLNT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Planet Fitness (NYSE:PLNT) had its price objective upped by stock analysts at JPMorgan Chase & Co. from $80.00 to $90.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 5.57% from the stock’s current price.

Several other brokerages have also recently issued reports on PLNT. Morgan Stanley increased their target price on Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. BMO Capital Markets reaffirmed an “outperform” rating and set a $87.00 price objective (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. Royal Bank of Canada boosted their target price on shares of Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Bank of America raised their price target on shares of Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Planet Fitness in a report on Friday, September 27th. They issued a “hold” rating and a $71.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Planet Fitness currently has an average rating of “Moderate Buy” and a consensus price target of $91.81.

Planet Fitness Stock Up 1.2 %

Shares of NYSE:PLNT opened at $95.31 on Friday. The business’s 50 day moving average is $81.75 and its 200 day moving average is $74.88. The stock has a market cap of $8.12 billion, a P/E ratio of 51.24, a price-to-earnings-growth ratio of 2.84 and a beta of 1.49. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $98.59.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The business 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 firm posted $0.59 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, sell-side analysts anticipate that Planet Fitness will post 2.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Hilton Capital Management LLC purchased a new stake in Planet Fitness during the 3rd quarter worth approximately $1,688,000. Premier Fund Managers Ltd purchased a new stake in Planet Fitness during the 3rd quarter valued at about $775,000. Quest Partners LLC raised its holdings in Planet Fitness by 126.0% in the 3rd quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock valued at $772,000 after acquiring an additional 5,298 shares during the last quarter. Natixis Advisors LLC purchased a new position in Planet Fitness in the 3rd quarter worth approximately $855,000. Finally, ING Groep NV acquired a new position in shares of Planet Fitness during the 3rd quarter worth approximately $1,568,000. 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.