Planet Fitness (NYSE:PLNT) Rating Increased to Outperform at BNP Paribas

Planet Fitness (NYSE:PLNT) was upgraded by equities research analysts at BNP Paribas from a “neutral” rating to an “outperform” rating in a research note issued on Thursday, Marketbeat Ratings reports. The brokerage presently has a $97.00 price target on the stock. BNP Paribas’ price target would indicate a potential upside of 18.93% from the stock’s current price.

A number of other equities analysts have also weighed in on PLNT. TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and boosted their target price for the stock from $66.00 to $92.00 in a research report on Monday, June 24th. Piper Sandler increased their price objective on shares of Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. DA Davidson reaffirmed a “neutral” rating and issued a $62.00 target price on shares of Planet Fitness in a research report on Friday, June 14th. Roth Mkm increased their price target on Planet Fitness from $73.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their price objective on Planet Fitness from $78.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $84.87.

Planet Fitness Stock Down 0.2 %

NYSE:PLNT opened at $81.56 on Thursday. Planet Fitness has a 52 week low of $44.13 and a 52 week high of $83.36. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 46.87, a PEG ratio of 2.72 and a beta of 1.49. The company’s 50 day moving average price is $77.05 and its 200-day moving average price is $68.58.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.66 by $0.05. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The business had revenue of $300.94 million for the quarter, compared to the consensus estimate of $290.17 million. During the same period last year, the business posted $0.65 EPS. The company’s revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Planet Fitness will post 2.44 earnings per share for the current year.

Insider Transactions at Planet Fitness

In related news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total transaction of $497,153.36. Following the transaction, the chief accounting officer now owns 6,778 shares in the company, valued at approximately $524,549.42. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On Planet Fitness

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dorsal Capital Management LP purchased a new stake in shares of Planet Fitness during the fourth quarter worth about $182,500,000. William Blair Investment Management LLC purchased a new stake in Planet Fitness during the 2nd quarter valued at approximately $166,978,000. Anomaly Capital Management LP bought a new stake in shares of Planet Fitness during the second quarter valued at approximately $106,795,000. Greenvale Capital LLP lifted its holdings in shares of 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 buying an additional 1,296,140 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Planet Fitness during the fourth quarter worth $65,674,000. 95.53% of the stock is owned by 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.