Planet Fitness (NYSE:PLNT) Now Covered by Canaccord Genuity Group

Research analysts at Canaccord Genuity Group initiated coverage on shares of Planet Fitness (NYSE:PLNT) in a note issued to investors on Thursday, MarketBeat reports. The firm set a “buy” rating and a $120.00 price target on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 25.58% from the company’s current price.

Several other research firms have also recently weighed in on PLNT. JPMorgan Chase & Co. lifted their price objective on Planet Fitness from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Roth Mkm reaffirmed a “buy” rating and set a $115.00 price target (up previously from $110.00) on shares of Planet Fitness in a research report on Wednesday, February 26th. DA Davidson reaffirmed a “neutral” rating and set a $87.00 price target on shares of Planet Fitness in a research report on Tuesday, January 21st. Guggenheim reissued a “buy” rating and issued a $105.00 price objective on shares of Planet Fitness in a report on Thursday, February 27th. Finally, Macquarie cut their price objective on Planet Fitness from $99.00 to $95.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Planet Fitness has an average rating of “Moderate Buy” and an average target price of $100.17.

Planet Fitness Price Performance

NYSE:PLNT opened at $95.56 on Thursday. Planet Fitness has a fifty-two week low of $54.35 and a fifty-two week high of $110.00. The stock has a market capitalization of $8.09 billion, a PE ratio of 51.38, a price-to-earnings-growth ratio of 2.45 and a beta of 1.54. The business’s 50-day simple moving average is $101.16 and its 200-day simple moving average is $93.24.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.08. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business had revenue of $340.50 million for the quarter, compared to analysts’ expectations of $324.57 million. During the same quarter in the previous year, the business posted $0.60 EPS. Planet Fitness’s revenue for the quarter was up 19.4% on a year-over-year basis. On average, research analysts expect that Planet Fitness will post 2.51 earnings per share for the current year.

Institutional Trading of Planet Fitness

Several large investors have recently bought and sold shares of the business. Corient Private Wealth LLC raised its position in shares of Planet Fitness by 2.1% during the fourth quarter. Corient Private Wealth LLC now owns 4,623 shares of the company’s stock worth $457,000 after acquiring an additional 94 shares during the last quarter. M&T Bank Corp increased its holdings in Planet Fitness by 2.6% in the third quarter. M&T Bank Corp now owns 4,947 shares of the company’s stock worth $402,000 after purchasing an additional 124 shares in the last quarter. Cetera Trust Company N.A increased its holdings in Planet Fitness by 5.2% in the fourth quarter. Cetera Trust Company N.A now owns 2,710 shares of the company’s stock worth $268,000 after purchasing an additional 135 shares in the last quarter. UMB Bank n.a. increased its holdings in Planet Fitness by 67.4% in the fourth 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. Finally, Truist Financial Corp increased its holdings in Planet Fitness by 1.3% in the fourth quarter. Truist Financial Corp now owns 12,632 shares of the company’s stock worth $1,249,000 after purchasing an additional 161 shares in the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

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.