JPMorgan Chase & Co. Raises Planet Fitness (NYSE:PLNT) Price Target to $100.00

Planet Fitness (NYSE:PLNT) had its price target upped by research analysts at JPMorgan Chase & Co. from $90.00 to $100.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 4.28% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $120.00 price target on shares of Planet Fitness in a research note on Wednesday. Robert W. Baird increased their price target on Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft started coverage on Planet Fitness in a research note on Friday, September 27th. They issued a “hold” rating and a $71.00 price target for the company. DA Davidson increased their price target on Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Finally, Morgan Stanley raised their price objective on Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.69.

Planet Fitness Stock Performance

Shares of Planet Fitness stock opened at $104.47 on Friday. Planet Fitness has a one year low of $54.35 and a one year high of $107.68. The stock’s fifty day moving average is $100.01 and its 200 day moving average is $86.66. The stock has a market cap of $8.84 billion, a P/E ratio of 56.17, a P/E/G ratio of 2.87 and a beta of 1.52.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. During the same quarter in the prior year, the business posted $0.59 EPS. Planet Fitness’s revenue for the quarter was up 5.3% compared to the same quarter last year. Analysts predict that Planet Fitness will post 2.5 EPS for the current year.

Insider Buying and Selling

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of the firm’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 completion of the sale, the insider now owns 19,110 shares of the company’s stock, valued at $1,838,382. This trade represents a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.83% of the stock is currently owned by company insiders.

Institutional Trading of Planet Fitness

Institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC lifted its stake in Planet Fitness by 132.5% in the third quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock worth $2,352,000 after purchasing an additional 16,503 shares during the last quarter. State Street Corp lifted its stake in Planet Fitness by 1.5% in the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock worth $205,061,000 after purchasing an additional 37,236 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Planet Fitness in the third quarter worth about $604,000. Quest Partners LLC lifted its stake in Planet Fitness by 126.0% in the third quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock worth $772,000 after purchasing an additional 5,298 shares during the last quarter. Finally, Qsemble Capital Management LP raised its stake in shares of Planet Fitness by 100.6% during the third quarter. Qsemble Capital Management LP now owns 20,972 shares of the company’s stock valued at $1,703,000 after acquiring an additional 10,518 shares in the last quarter. Institutional investors 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.