Planet Fitness (NYSE:PLNT) Price Target Lowered to $66.00 at Raymond James

Planet Fitness (NYSE:PLNT) had its target price reduced by Raymond James from $87.00 to $66.00 in a research note published on Monday morning, Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Guggenheim cut their target price on Planet Fitness from $80.00 to $70.00 and set a buy rating on the stock in a research note on Monday. Stifel Nicolaus increased their price objective on Planet Fitness from $78.00 to $82.00 in a research report on Wednesday, June 14th. Robert W. Baird reduced their price target on Planet Fitness from $87.00 to $65.00 in a research report on Monday. Jefferies Financial Group downgraded shares of Planet Fitness from a buy rating to a hold rating and cut their price target for the stock from $90.00 to $56.00 in a report on Monday. Finally, Bank of America reduced their target price on Planet Fitness from $95.00 to $80.00 and set a buy rating on the stock in a report on Friday, August 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $73.19.

Planet Fitness Trading Down 3.6 %

Planet Fitness stock opened at $48.50 on Monday. Planet Fitness has a 1 year low of $48.01 and a 1 year high of $85.90. The company’s 50-day moving average is $62.42 and its two-hundred day moving average is $68.97. The company has a market cap of $4.27 billion, a PE ratio of 32.99, a PEG ratio of 0.92 and a beta of 1.30.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Thursday, August 3rd. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.11. The company 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%. The company’s revenue for the quarter was up 27.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 EPS. Research analysts forecast that Planet Fitness will post 2.18 EPS for the current year.

Institutional Investors Weigh In On Planet Fitness

A number of institutional investors and hedge funds have recently bought and sold shares of PLNT. BlackRock Inc. increased its stake in Planet Fitness by 52.2% in the 2nd quarter. BlackRock Inc. now owns 12,057,346 shares of the company’s stock valued at $813,147,000 after buying an additional 4,133,786 shares during the last quarter. Champlain Investment Partners LLC grew its holdings in shares of 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 in the last quarter. JPMorgan Chase & Co. increased its position in shares of Planet Fitness by 0.9% during the second quarter. JPMorgan Chase & Co. now owns 2,648,057 shares of the company’s stock valued at $178,585,000 after acquiring an additional 23,455 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Planet Fitness by 24.7% during the second quarter. Bank of New York Mellon Corp now owns 2,647,717 shares of the company’s stock worth $178,562,000 after acquiring an additional 523,942 shares during the period. Finally, Amundi lifted its holdings in Planet Fitness by 12.9% during the fourth quarter. Amundi now owns 2,520,924 shares of the company’s stock worth $212,257,000 after acquiring an additional 288,762 shares during the period. 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.