Planet Fitness (NYSE:PLNT) Price Target Cut to $77.00 by Analysts at Macquarie

Planet Fitness (NYSE:PLNT) had its price target lowered by Macquarie from $85.00 to $77.00 in a report released on Wednesday, FlyOnTheWall reports.

Other research analysts have also issued reports about the company. Morgan Stanley cut their target price on Planet Fitness from $88.00 to $84.00 and set an overweight rating for the company in a research note on Friday, August 4th. Robert W. Baird dropped their price objective on Planet Fitness from $95.00 to $87.00 and set an outperform rating for the company in a research note on Friday, August 4th. StockNews.com started coverage on Planet Fitness in a research note on Thursday, August 17th. They set a hold rating for the company. Stifel Nicolaus increased their price objective on Planet Fitness from $78.00 to $82.00 in a research note on Wednesday, June 14th. Finally, DA Davidson dropped their price objective on Planet Fitness from $67.00 to $66.00 and set a neutral rating for the company in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Planet Fitness has a consensus rating of Moderate Buy and a consensus price target of $81.00.

Planet Fitness Trading Down 0.1 %

PLNT opened at $61.37 on Wednesday. The business has a 50 day moving average of $64.67 and a 200-day moving average of $71.06. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 41.75, a P/E/G ratio of 0.93 and a beta of 1.29. Planet Fitness has a 1-year low of $54.15 and a 1-year high of $85.90.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, August 3rd. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.11. The business had revenue of $286.50 million during the quarter, compared to analyst estimates of $251.99 million. Planet Fitness had a negative return on equity of 86.09% and a net margin of 12.03%. Planet Fitness’s revenue was up 27.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 earnings per share. Equities analysts predict that Planet Fitness will post 2.18 EPS for the current year.

Hedge Funds Weigh In On Planet Fitness

Several hedge funds have recently added to or reduced their stakes in PLNT. PNC Financial Services Group Inc. boosted its holdings in Planet Fitness by 13.4% in the first quarter. PNC Financial Services Group Inc. now owns 1,332 shares of the company’s stock valued at $112,000 after acquiring an additional 157 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Planet Fitness by 801.5% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,839 shares of the company’s stock valued at $155,000 after acquiring an additional 1,635 shares during the last quarter. MetLife Investment Management LLC bought a new position in Planet Fitness in the first quarter valued at about $357,000. BlackRock Inc. boosted its holdings in Planet Fitness by 34.8% in the first quarter. BlackRock Inc. now owns 7,184,140 shares of the company’s stock valued at $606,915,000 after acquiring an additional 1,852,867 shares during the last quarter. Finally, Vontobel Holding Ltd. bought a new position in Planet Fitness in the first quarter valued at about $919,000. 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 Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.