Planet Fitness (NYSE:PLNT) Hits New 52-Week High – What’s Next?

Planet Fitness, Inc. (NYSE:PLNT)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $108.10 and last traded at $108.06, with a volume of 1467716 shares traded. The stock had previously closed at $104.46.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PLNT shares. Stifel Nicolaus boosted their price objective on Planet Fitness from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Raymond James upped their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Piper Sandler raised their price objective on shares of Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley upped their target price on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Planet Fitness in a report on Friday, September 27th. They set a “hold” rating and a $71.00 price target on the stock. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.69.

Planet Fitness Stock Down 0.9 %

The stock has a fifty day moving average of $100.84 and a two-hundred day moving average of $87.46. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 56.74, a price-to-earnings-growth ratio of 2.67 and a beta of 1.52.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. The business 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 14.23% and a negative return on equity of 107.97%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.59 EPS. On average, research analysts expect that Planet Fitness, Inc. will post 2.5 EPS for the current year.

Insider Activity

In related news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $96.20, for a total value of $1,101,778.60. Following the sale, the insider now directly owns 19,110 shares in the company, valued at $1,838,382. The trade was a 37.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLNT. UMB Bank n.a. increased its stake in shares of Planet Fitness by 67.4% during the 4th quarter. UMB Bank n.a. now owns 390 shares of the company’s stock worth $39,000 after purchasing an additional 157 shares in the last quarter. R Squared Ltd acquired a new stake in Planet Fitness during the 4th quarter valued at $39,000. V Square Quantitative Management LLC increased its position in Planet Fitness by 69.8% during the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after buying an additional 201 shares in the last quarter. Quarry LP raised its holdings in shares of Planet Fitness by 174.7% in the second quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 318 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Planet Fitness by 396.9% in the third quarter. GAMMA Investing LLC now owns 1,898 shares of the company’s stock valued at $154,000 after acquiring an additional 1,516 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.