Planet Fitness (NYSE:PLNT) Reaches New 12-Month Low at $50.80

Planet Fitness, Inc. (NYSE:PLNT) reached a new 52-week low on Friday . The stock traded as low as $50.80 and last traded at $50.80, with a volume of 1014071 shares traded. The stock had previously closed at $59.80.

Analyst Ratings Changes

Several research firms have recently issued reports on PLNT. Robert W. Baird lowered their target price on shares of Planet Fitness from $95.00 to $87.00 and set an “outperform” rating for the company in a report on Friday, August 4th. Royal Bank of Canada decreased their price objective on Planet Fitness from $86.00 to $78.00 and set an “outperform” rating on the stock in a research note on Friday, August 4th. Morgan Stanley decreased their price target on Planet Fitness from $88.00 to $84.00 and set an “overweight” rating on the stock in a report on Friday, August 4th. Macquarie decreased their price objective on Planet Fitness from $85.00 to $77.00 and set an “outperform” rating on the stock in a report on Wednesday, August 30th. Finally, Piper Sandler dropped their target price on Planet Fitness from $96.00 to $88.00 in a report on Thursday, June 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $79.87.

Planet Fitness Stock Performance

The firm’s 50-day simple moving average is $62.83 and its 200 day simple moving average is $69.27. The company has a market capitalization of $4.43 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 0.92 and a beta of 1.30.

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

Hedge Funds Weigh In On Planet Fitness

Several hedge funds have recently bought and sold shares of PLNT. BlackRock Inc. raised its holdings in shares of Planet Fitness by 52.2% in the 2nd quarter. BlackRock Inc. now owns 12,057,346 shares of the company’s stock worth $813,147,000 after buying an additional 4,133,786 shares in the last quarter. Champlain Investment Partners LLC boosted its stake in Planet Fitness by 60.7% in the second quarter. Champlain Investment Partners LLC now owns 3,103,159 shares of the company’s stock valued at $209,277,000 after acquiring an additional 1,172,525 shares during the last quarter. State Street Corp lifted its stake in Planet Fitness by 78.4% in the second quarter. State Street Corp now owns 2,295,657 shares of the company’s stock valued at $154,819,000 after buying an additional 1,008,875 shares during the period. Cadian Capital Management LP grew its stake in Planet Fitness by 113.5% in the second quarter. Cadian Capital Management LP now owns 1,527,500 shares of the company’s stock valued at $103,015,000 after acquiring an additional 812,000 shares during the period. Finally, Norges Bank acquired a new stake in shares of Planet Fitness in the 4th quarter valued at about $63,014,000. 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 Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.