Planet Fitness (NYSE:PLNT) Upgraded at StockNews.com

Planet Fitness (NYSE:PLNT) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

PLNT has been the topic of a number of other research reports. DA Davidson restated a “neutral” rating and issued a $62.00 price objective on shares of Planet Fitness in a report on Monday, February 5th. JPMorgan Chase & Co. decreased their price objective on Planet Fitness from $75.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, February 26th. Piper Sandler raised their price objective on Planet Fitness from $88.00 to $89.00 and gave the company an “overweight” rating in a report on Thursday, January 11th. Royal Bank of Canada raised their price objective on Planet Fitness from $74.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. Finally, Morgan Stanley restated an “overweight” rating and issued a $79.00 price objective on shares of Planet Fitness in a report on Monday, April 1st. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.00.

Planet Fitness Stock Performance

Planet Fitness stock traded down $0.23 during trading on Tuesday, reaching $59.84. The company had a trading volume of 2,102,568 shares, compared to its average volume of 1,671,674. The firm’s 50-day simple moving average is $61.89 and its 200 day simple moving average is $64.95. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $84.48. The firm has a market capitalization of $5.28 billion, a PE ratio of 36.94, a price-to-earnings-growth ratio of 1.96 and a beta of 1.39.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $285.10 million for the quarter, compared to analyst estimates of $282.35 million. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 EPS. Analysts anticipate that Planet Fitness will post 2.48 EPS for the current year.

Institutional Trading of Planet Fitness

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP raised its holdings in Planet Fitness by 247.6% in the 4th quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after buying an additional 255 shares during the period. McGlone Suttner Wealth Management Inc. purchased a new stake in Planet Fitness in the 4th quarter valued at about $47,000. CWM LLC raised its holdings in Planet Fitness by 109.5% in the 3rd quarter. CWM LLC now owns 1,460 shares of the company’s stock valued at $72,000 after buying an additional 763 shares during the period. Covestor Ltd raised its holdings in Planet Fitness by 19.5% in the 3rd quarter. Covestor Ltd now owns 1,460 shares of the company’s stock valued at $72,000 after buying an additional 238 shares during the period. Finally, Asset Management One Co. Ltd. grew its position in Planet Fitness by 17.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock valued at $73,000 after acquiring an additional 148 shares in the last quarter. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Planet Fitness Company Profile

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.