Morgan Stanley Raises Planet Fitness (NYSE:PLNT) Price Target to $74.00

Planet Fitness (NYSE:PLNT) had its price objective hoisted by Morgan Stanley from $65.00 to $74.00 in a report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

PLNT has been the topic of several other research reports. Royal Bank of Canada boosted their target price on shares of Planet Fitness from $68.00 to $74.00 and gave the stock an outperform rating in a research report on Wednesday, November 8th. Stifel Nicolaus lowered their price target on Planet Fitness from $75.00 to $65.00 in a research report on Monday, September 18th. StockNews.com started coverage on Planet Fitness in a research note on Thursday, October 5th. They set a hold rating on the stock. DA Davidson decreased their target price on Planet Fitness from $67.00 to $66.00 and set a neutral rating for the company in a report on Friday, August 4th. Finally, TD Cowen downgraded shares of Planet Fitness from an outperform rating to a market perform rating and cut their price target for the stock from $72.00 to $55.00 in a report on Friday, September 15th. Six analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $69.18.

Planet Fitness Stock Performance

NYSE:PLNT opened at $64.14 on Thursday. The stock has a market capitalization of $5.65 billion, a P/E ratio of 39.84, a P/E/G ratio of 1.45 and a beta of 1.32. Planet Fitness has a fifty-two week low of $44.13 and a fifty-two week high of $85.90. The company’s 50-day simple moving average is $53.30 and its 200-day simple moving average is $62.08.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. Planet Fitness had a negative return on equity of 102.85% and a net margin of 12.80%. The company had revenue of $277.60 million during the quarter, compared to analysts’ expectations of $268.18 million. During the same period last year, the business posted $0.42 earnings per share. The firm’s revenue was up 13.4% compared to the same quarter last year. On average, research analysts forecast that Planet Fitness will post 2.21 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PLNT. Rockefeller Capital Management L.P. increased its stake in shares of 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 purchasing an additional 220 shares in the last quarter. Quarry LP purchased a new position in Planet Fitness during the first quarter worth approximately $38,000. International Assets Investment Management LLC acquired a new stake in Planet Fitness in the third quarter valued at approximately $27,000. CWM LLC increased its position in shares of Planet Fitness by 52.9% in the second quarter. CWM LLC now owns 697 shares of the company’s stock valued at $47,000 after buying an additional 241 shares in the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new position in shares of Planet Fitness during the 2nd quarter worth approximately $48,000. Institutional investors and hedge funds 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.