Planet Fitness (NYSE:PLNT) Price Target Cut to $70.00 by Analysts at Guggenheim

Planet Fitness (NYSE:PLNT) had its price objective decreased by Guggenheim from $80.00 to $70.00 in a research report sent to investors on Monday, Marketbeat reports. Guggenheim currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. TD Cowen cut shares of Planet Fitness from an outperform rating to a market perform rating and cut their price target for the company from $72.00 to $55.00 in a research report on Friday. Piper Sandler lowered their price target on Planet Fitness from $96.00 to $88.00 in a research report on Thursday, June 22nd. BNP Paribas lowered shares of Planet Fitness from a neutral rating to an underperform rating and set a $57.00 price objective for the company. in a research note on Friday, June 23rd. DA Davidson lowered their target price on Planet Fitness from $67.00 to $66.00 and set a neutral rating on the stock in a research note on Friday, August 4th. Finally, Macquarie lowered their price target on shares of Planet Fitness from $85.00 to $77.00 and set an outperform rating on the stock in a report on Wednesday, August 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Planet Fitness has an average rating of Moderate Buy and a consensus price target of $73.19.

Planet Fitness Stock Performance

NYSE PLNT opened at $48.50 on Monday. Planet Fitness has a 52-week low of $48.01 and a 52-week high of $85.90. The stock has a market cap of $4.27 billion, a PE ratio of 32.99, a P/E/G ratio of 0.92 and a beta of 1.30. The firm has a 50-day moving average of $62.42 and a 200-day moving average of $68.97.

Planet Fitness (NYSE:PLNT) last issued 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. Planet Fitness had a negative return on equity of 86.09% and a net margin of 12.03%. The business had revenue of $286.50 million for the quarter, compared to the consensus estimate of $251.99 million. During the same quarter in the prior year, the business posted $0.38 earnings per share. The firm’s quarterly revenue was up 27.7% compared to the same quarter last year. As a group, analysts predict that Planet Fitness will post 2.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rockefeller Capital Management L.P. grew its position in Planet Fitness by 93.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 456 shares of the company’s stock valued at $35,000 after acquiring an additional 220 shares during the last quarter. Quarry LP purchased a new stake in Planet Fitness in the first quarter worth about $38,000. International Assets Investment Management LLC bought a new position in shares of Planet Fitness during the first quarter valued at approximately $40,000. CWM LLC lifted its holdings in Planet Fitness by 52.9% during the second quarter. CWM LLC now owns 697 shares of the company’s stock worth $47,000 after buying an additional 241 shares during the period. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of Planet Fitness during the 2nd quarter worth $48,000. 95.53% of the stock is owned by hedge funds and other 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 Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.