Planet Fitness (NYSE:PLNT) Stock Price Expected to Rise, Raymond James Analyst Says

Planet Fitness (NYSE:PLNT) had its target price increased by Raymond James from $92.00 to $110.00 in a report released on Friday morning,Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

Several other equities analysts have also commented on the stock. Stifel Nicolaus upped their price target on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Piper Sandler increased their price objective on shares of Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Morgan Stanley increased their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 29th. Robert W. Baird increased their price objective on shares of Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price objective (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.81.

Planet Fitness Stock Performance

Shares of PLNT opened at $95.19 on Friday. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of 51.18, a PEG ratio of 3.18 and a beta of 1.49. The company’s 50 day simple moving average is $82.03 and its 200 day simple moving average is $75.22. Planet Fitness has a 1 year low of $54.35 and a 1 year high of $98.59.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.57 by $0.07. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The firm had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. During the same quarter in the prior year, the business posted $0.59 earnings per share. Planet Fitness’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts expect that Planet Fitness will post 2.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PLNT. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Planet Fitness by 26.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,582 shares of the company’s stock worth $851,000 after buying an additional 2,831 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Planet Fitness by 228.8% in the 1st quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock worth $1,445,000 after buying an additional 16,053 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Planet Fitness by 1.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company’s stock worth $1,026,000 after buying an additional 174 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Planet Fitness by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 74,775 shares of the company’s stock worth $4,683,000 after buying an additional 1,049 shares during the last quarter. Finally, Duality Advisers LP bought a new position in shares of Planet Fitness in the 1st quarter worth about $722,000. 95.53% of the stock is currently owned by institutional investors.

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