Planet Fitness (NYSE:PLNT) Receives “Overweight” Rating from Morgan Stanley

Morgan Stanley restated their overweight rating on shares of Planet Fitness (NYSE:PLNTFree Report) in a research note published on Monday, Benzinga reports. Morgan Stanley currently has a $79.00 price objective on the stock.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada increased their target price on shares of Planet Fitness from $74.00 to $80.00 and gave the stock an outperform rating in a report on Tuesday, March 5th. Piper Sandler lifted their target price on Planet Fitness from $88.00 to $89.00 and gave the company an overweight rating in a research report on Thursday, January 11th. Stifel Nicolaus dropped their target price on Planet Fitness from $85.00 to $80.00 and set a buy rating on the stock in a report on Friday, February 23rd. JPMorgan Chase & Co. decreased their price target on Planet Fitness from $75.00 to $72.00 and set a neutral rating for the company in a research note on Monday, February 26th. Finally, upgraded Planet Fitness from a sell rating to a hold rating in a research note on Friday, January 12th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $71.00.

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Planet Fitness Stock Up 2.3 %

Planet Fitness stock opened at $64.10 on Monday. The stock has a market capitalization of $5.65 billion, a PE ratio of 39.57, a price-to-earnings-growth ratio of 1.26 and a beta of 1.40. Planet Fitness has a twelve month low of $44.13 and a twelve month high of $84.48. The company has a 50 day moving average of $64.88 and a 200-day moving average of $63.00.

Planet Fitness (NYSE:PLNTGet Free Report) last released its earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $285.10 million during the quarter, compared to analysts’ expectations of $282.35 million. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The company’s revenue was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 EPS. Equities analysts anticipate that Planet Fitness will post 2.48 EPS for the current fiscal year.

Institutional Trading of Planet Fitness

Hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. grew its stake in Planet Fitness by 66.8% during the third quarter. American Century Companies Inc. now owns 877,723 shares of the company’s stock worth $43,166,000 after buying an additional 351,401 shares in the last quarter. Graham Capital Management L.P. acquired a new position in Planet Fitness during the third quarter valued at approximately $944,000. Diversified Trust Co boosted its holdings in shares of Planet Fitness by 3.4% in the 4th quarter. Diversified Trust Co now owns 20,256 shares of the company’s stock valued at $1,479,000 after purchasing an additional 659 shares in the last quarter. Bamco Inc. NY increased its stake in shares of Planet Fitness by 20.0% in the 3rd quarter. Bamco Inc. NY now owns 1,200,000 shares of the company’s stock valued at $59,016,000 after purchasing an additional 200,000 shares during the last quarter. Finally, Brandywine Global Investment Management LLC acquired a new position in shares of Planet Fitness during the 3rd quarter worth $1,385,000. Institutional investors and hedge funds own 95.53% of the company’s stock.

Planet Fitness Company Profile

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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 company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.

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