Planet Fitness (NYSE:PLNT) Sets New 52-Week High on Strong Earnings

Planet Fitness, Inc. (NYSE:PLNT) shares reached a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $98.59 and last traded at $97.94, with a volume of 116663 shares. The stock had previously closed at $84.65.

The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. The company had revenue of $292.20 million during the quarter, compared to the consensus estimate of $283.79 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 earnings per share.

Analyst Upgrades and Downgrades

PLNT has been the subject of several research analyst reports. Roth Mkm upped their price target on shares of Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Planet Fitness in a report on Friday, September 27th. They issued a “hold” rating and a $71.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank of Canada increased their price objective on Planet Fitness from $87.00 to $110.00 and gave the company an “outperform” rating in a report on Friday. Finally, Bank of America increased their price objective on Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 6th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.81.

Hedge Funds Weigh In On Planet Fitness

Several large investors have recently added to or reduced their stakes in PLNT. GAMMA Investing LLC increased its stake in Planet Fitness by 478.8% in the 2nd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after buying an additional 316 shares during the last quarter. LRI Investments LLC increased its stake in Planet Fitness by 61.2% in the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after buying an additional 153 shares during the last quarter. Quarry LP increased its stake in Planet Fitness by 174.7% in the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock valued at $37,000 after buying an additional 318 shares during the last quarter. V Square Quantitative Management LLC increased its stake in Planet Fitness by 69.8% in the 3rd quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock valued at $40,000 after buying an additional 201 shares during the last quarter. Finally, Dnca Finance purchased a new stake in Planet Fitness in the 2nd quarter valued at about $82,000. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Stock Performance

The stock has a market cap of $8.12 billion, a PE ratio of 52.36, a price-to-earnings-growth ratio of 2.84 and a beta of 1.49. The company’s 50 day simple moving average is $81.75 and its 200 day simple moving average is $74.78.

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.