Planet Fitness (NYSE:PLNT) Given New $80.00 Price Target at JPMorgan Chase & Co.

Planet Fitness (NYSE:PLNT) had its price objective boosted by analysts at JPMorgan Chase & Co. from $78.00 to $80.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 5.28% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada lifted their price target on shares of Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and boosted their price target for the company from $62.00 to $100.00 in a report on Monday, June 10th. Morgan Stanley restated an “overweight” rating and set a $79.00 price objective on shares of Planet Fitness in a report on Friday, June 14th. Raymond James upped their target price on Planet Fitness from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, May 10th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price target (up from $80.00) on shares of Planet Fitness in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $79.87.

Planet Fitness Stock Performance

PLNT stock traded down $0.41 on Wednesday, reaching $75.99. The company had a trading volume of 1,441,276 shares, compared to its average volume of 1,680,267. The company’s fifty day moving average is $72.27 and its 200 day moving average is $66.82. The company has a market cap of $6.70 billion, a P/E ratio of 44.02, a PEG ratio of 2.44 and a beta of 1.49. Planet Fitness has a 1 year low of $44.13 and a 1 year high of $79.10.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.05. The business had revenue of $300.94 million for the quarter, compared to the consensus estimate of $290.17 million. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The business’s revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.65 earnings per share. On average, sell-side analysts predict that Planet Fitness will post 2.43 earnings per share for the current year.

Institutional Trading of Planet Fitness

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Planet Fitness by 1.2% in the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after purchasing an additional 97,823 shares during the period. Cadian Capital Management LP grew its stake in shares of Planet Fitness by 9.6% during the fourth quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock valued at $323,417,000 after acquiring an additional 386,861 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Planet Fitness by 2.6% during the first quarter. Bank of New York Mellon Corp now owns 2,592,136 shares of the company’s stock valued at $162,345,000 after acquiring an additional 66,139 shares in the last quarter. Dorsal Capital Management LP purchased a new stake in shares of Planet Fitness during the fourth quarter worth about $182,500,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Planet Fitness by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock worth $116,453,000 after acquiring an additional 483,586 shares in the last quarter. 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.