Planet Fitness (NYSE:PLNT) Receives “Buy” Rating from Bank of America

Planet Fitness (NYSE:PLNT)‘s stock had its “buy” rating reissued by Bank of America in a report released on Wednesday, May 1st, MarketBeat.com reports. They currently have a $86.00 target price on the stock, up from their previous target price of $72.00. Bank of America‘s target price would indicate a potential upside of 7.47% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Cowen reiterated an “average” rating and issued a $85.00 price objective (up previously from $65.00) on shares of Planet Fitness in a report on Monday, April 29th. Jefferies Financial Group upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and raised their price target for the stock from $49.00 to $75.00 in a report on Friday, February 22nd. They noted that the move was a valuation call. Roth Capital raised their price target on shares of Planet Fitness from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. Robert W. Baird restated an “outperform” rating and set a $80.00 price target (up previously from $75.00) on shares of Planet Fitness in a report on Monday, April 29th. Finally, Zacks Investment Research upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, January 1st. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Planet Fitness has an average rating of “Buy” and an average price target of $67.57.

Shares of Planet Fitness stock opened at $80.02 on Wednesday. The stock has a market capitalization of $7.51 billion, a P/E ratio of 65.59, a P/E/G ratio of 2.36 and a beta of 0.76. Planet Fitness has a twelve month low of $38.32 and a twelve month high of $81.76.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The firm had revenue of $148.82 million for the quarter, compared to analyst estimates of $153.41 million. Planet Fitness had a net margin of 15.91% and a negative return on equity of 53.73%. Planet Fitness’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same period last year, the company posted $0.27 EPS. As a group, equities analysts anticipate that Planet Fitness will post 1.55 earnings per share for the current fiscal year.

In other Planet Fitness news, CEO Christopher Rondeau sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $65.86, for a total value of $13,172,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David P. Berg sold 6,291 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $61.73, for a total transaction of $388,343.43. Following the completion of the transaction, the director now directly owns 6,615 shares of the company’s stock, valued at approximately $408,343.95. The disclosure for this sale can be found here. Insiders have sold a total of 466,291 shares of company stock valued at $29,813,238 in the last ninety days. 14.52% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. LPL Financial LLC raised its stake in shares of Planet Fitness by 113.0% in the third quarter. LPL Financial LLC now owns 20,412 shares of the company’s stock valued at $1,103,000 after buying an additional 10,830 shares during the period. Legal & General Group Plc raised its stake in shares of Planet Fitness by 8.3% in the third quarter. Legal & General Group Plc now owns 31,861 shares of the company’s stock valued at $1,722,000 after buying an additional 2,454 shares during the period. Morgan Stanley raised its stake in shares of Planet Fitness by 75.6% in the third quarter. Morgan Stanley now owns 563,195 shares of the company’s stock valued at $30,429,000 after buying an additional 242,532 shares during the period. Vanguard Group Inc. raised its stake in shares of Planet Fitness by 3.4% in the third quarter. Vanguard Group Inc. now owns 8,597,408 shares of the company’s stock valued at $464,518,000 after buying an additional 280,726 shares during the period. Finally, Federated Investors Inc. PA raised its stake in shares of Planet Fitness by 12.6% in the third quarter. Federated Investors Inc. PA now owns 378,938 shares of the company’s stock valued at $20,474,000 after buying an additional 42,488 shares during the period. 96.21% of the stock is owned by institutional investors.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

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Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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