Planet Fitness (NYSE:PLNT) Stock Rating Upgraded by StockNews.com

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

A number of other brokerages have also recently issued reports on PLNT. Stifel Nicolaus dropped their price objective on shares of Planet Fitness from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, February 23rd. JPMorgan Chase & Co. dropped their target price on Planet Fitness from $75.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, February 26th. Morgan Stanley reaffirmed an “overweight” rating and issued a $79.00 price target on shares of Planet Fitness in a research note on Monday, April 1st. Royal Bank of Canada increased their price objective on Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. Finally, Piper Sandler boosted their target price on shares of Planet Fitness from $88.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, January 11th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $70.21.

Planet Fitness Price Performance

Shares of Planet Fitness stock opened at $65.30 on Wednesday. The company has a market cap of $5.76 billion, a PE ratio of 40.31, a price-to-earnings-growth ratio of 1.93 and a beta of 1.37. The firm has a fifty day moving average price of $61.48 and a two-hundred day moving average price of $65.21. Planet Fitness has a fifty-two week low of $44.13 and a fifty-two week high of $75.86.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The business had revenue of $285.10 million for the quarter, compared to the consensus estimate of $282.35 million. During the same period last year, the business earned $0.53 earnings per share. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. Analysts expect that Planet Fitness will post 2.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Cadian Capital Management LP increased its stake in shares of Planet Fitness by 164.7% in the 3rd quarter. Cadian Capital Management LP now owns 4,043,507 shares of the company’s stock valued at $198,860,000 after buying an additional 2,516,007 shares during the period. Dorsal Capital Management LP bought a new position in Planet Fitness in the fourth quarter valued at about $182,500,000. Greenvale Capital LLP increased its position in Planet Fitness by 291.3% in the fourth quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock worth $127,103,000 after purchasing an additional 1,296,140 shares during the period. Norges Bank bought a new stake in Planet Fitness during the 4th quarter worth about $65,674,000. Finally, Hawk Ridge Capital Management LP acquired a new position in Planet Fitness during the 3rd quarter valued at about $29,476,000. Institutional investors own 95.53% of the company’s stock.

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.