Planet Fitness (NYSE:PLNT) Upgraded by StockNews.com to Hold

Planet Fitness (NYSE:PLNT) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

A number of other research firms have also weighed in on PLNT. DA Davidson reaffirmed a “neutral” rating and set a $62.00 price target on shares of Planet Fitness in a report on Monday, February 5th. JPMorgan Chase & Co. dropped their price objective on Planet Fitness from $75.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, February 26th. Royal Bank of Canada upped their target price on Planet Fitness from $74.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, March 5th. Piper Sandler raised their price target on shares of Planet Fitness from $88.00 to $89.00 and gave the stock an “overweight” rating in a research report on Thursday, January 11th. Finally, Stifel Nicolaus cut their price target on shares of Planet Fitness from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, February 23rd. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.00.

Planet Fitness Stock Performance

PLNT opened at $65.16 on Wednesday. Planet Fitness has a 1 year low of $44.13 and a 1 year high of $84.48. The company’s 50 day simple moving average is $64.07 and its 200 day simple moving average is $63.69. The stock has a market capitalization of $5.75 billion, a PE ratio of 40.22, a P/E/G ratio of 1.27 and a beta of 1.39.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The company had revenue of $285.10 million during the quarter, compared to analyst estimates of $282.35 million. During the same period in the prior year, the firm posted $0.53 earnings per share. The firm’s revenue was up 1.4% on a year-over-year basis. As a group, sell-side analysts expect that Planet Fitness will post 2.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Planet Fitness

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Planet Fitness by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 8,076,794 shares of the company’s stock valued at $589,606,000 after purchasing an additional 196,809 shares during the period. BlackRock Inc. increased its holdings in shares of Planet Fitness by 34.8% in the 1st quarter. BlackRock Inc. now owns 7,184,140 shares of the company’s stock valued at $606,915,000 after purchasing an additional 1,852,867 shares during the period. Cadian Capital Management LP increased its stake in Planet Fitness by 9.6% in the 4th quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock valued at $323,417,000 after buying an additional 386,861 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Planet Fitness by 0.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,659,856 shares of the company’s stock valued at $130,812,000 after buying an additional 12,139 shares during the period. Finally, Dorsal Capital Management LP acquired a new position in shares of Planet Fitness in the fourth quarter worth $182,500,000. Institutional investors and hedge funds own 95.53% of the company’s stock.

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