Planet Fitness (NYSE:PLNT) Shares Gap Up to $45.87

Planet Fitness Inc (NYSE:PLNT) gapped up before the market opened on Wednesday . The stock had previously closed at $43.61, but opened at $45.87. Planet Fitness shares last traded at $52.06, with a volume of 2,892,186 shares.

Several research firms have weighed in on PLNT. Jefferies Financial Group lifted their price objective on shares of Planet Fitness from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Wedbush lifted their price objective on shares of Planet Fitness from $69.00 to $77.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 26th. Raymond James lifted their price objective on shares of Planet Fitness from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. William Blair reiterated a “buy” rating on shares of Planet Fitness in a research report on Friday, March 20th. Finally, JPMorgan Chase & Co. upgraded shares of Planet Fitness from a “neutral” rating to an “overweight” rating in a report on Monday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $80.29.

The stock has a market capitalization of $3.22 billion, a P/E ratio of 37.19, a PEG ratio of 1.25 and a beta of 1.14. The stock’s fifty day moving average is $56.89 and its 200-day moving average is $67.49.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.03. The firm had revenue of $191.51 million during the quarter, compared to analysts’ expectations of $188.75 million. Planet Fitness had a net margin of 17.09% and a negative return on equity of 32.33%. On average, equities analysts expect that Planet Fitness Inc will post 1.51 earnings per share for the current fiscal year.

In other news, CEO Christopher Rondeau bought 20,000 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was purchased at an average price of $50.67 per share, with a total value of $1,013,400.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Craig Jeffrey Miller bought 2,000 shares of the business’s stock in a transaction on Friday, March 13th. The shares were purchased at an average cost of $53.18 per share, with a total value of $106,360.00. Following the transaction, the insider now owns 7,580 shares in the company, valued at $403,104.40. The disclosure for this purchase can be found here. Insiders purchased 92,000 shares of company stock valued at $5,384,710 over the last quarter. 9.33% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Executive Wealth Management LLC raised its holdings in Planet Fitness by 8.5% in the third quarter. Executive Wealth Management LLC now owns 14,544 shares of the company’s stock worth $841,000 after purchasing an additional 1,134 shares during the period. Patten & Patten Inc. TN acquired a new stake in Planet Fitness in the fourth quarter worth $314,000. Artemis Investment Management LLP raised its holdings in Planet Fitness by 2.0% in the fourth quarter. Artemis Investment Management LLP now owns 971,462 shares of the company’s stock worth $71,974,000 after purchasing an additional 19,514 shares during the period. Chicago Capital LLC raised its holdings in Planet Fitness by 4,254.9% in the fourth quarter. Chicago Capital LLC now owns 313,556 shares of the company’s stock worth $23,416,000 after purchasing an additional 306,356 shares during the period. Finally, Calamos Advisors LLC raised its holdings in Planet Fitness by 42.0% in the fourth quarter. Calamos Advisors LLC now owns 75,557 shares of the company’s stock worth $5,643,000 after purchasing an additional 22,347 shares during the period. Institutional investors and hedge funds own 93.65% of the company’s stock.

About Planet Fitness (NYSE:PLNT)

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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