Planet Fitness (NYSE:PLNT) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Planet Fitness (NYSE:PLNT) in a research report sent to investors on Monday,Benzinga reports. They currently have a $126.00 target price on the stock.

A number of other brokerages have also recently commented on PLNT. Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Planet Fitness in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.64.

Planet Fitness Price Performance

Shares of PLNT stock opened at $100.37 on Monday. Planet Fitness has a 1-year low of $77.77 and a 1-year high of $114.47. The stock’s fifty day moving average price is $107.18 and its 200 day moving average price is $102.35. The company has a market cap of $8.45 billion, a price-to-earnings ratio of 44.61, a price-to-earnings-growth ratio of 2.26 and a beta of 1.37.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.07. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The firm had revenue of $340.88 million for the quarter, compared to the consensus estimate of $329.59 million. During the same period in the previous year, the business earned $0.71 EPS. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities research analysts anticipate that Planet Fitness will post 2.51 earnings per share for the current year.

Hedge Funds Weigh In On Planet Fitness

Large investors have recently bought and sold shares of the business. Game Plan Financial Advisors LLC acquired a new position in Planet Fitness in the 2nd quarter worth about $25,000. Hantz Financial Services Inc. lifted its position in shares of Planet Fitness by 964.0% in the second quarter. Hantz Financial Services Inc. now owns 266 shares of the company’s stock valued at $29,000 after acquiring an additional 241 shares in the last quarter. Brooklyn Investment Group lifted its position in shares of Planet Fitness by 57.8% in the first quarter. Brooklyn Investment Group now owns 322 shares of the company’s stock valued at $31,000 after acquiring an additional 118 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Planet Fitness by 184.5% in the second quarter. EverSource Wealth Advisors LLC now owns 330 shares of the company’s stock valued at $36,000 after acquiring an additional 214 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of Planet Fitness by 187.6% in the first quarter. First Horizon Advisors Inc. now owns 371 shares of the company’s stock valued at $36,000 after acquiring an additional 242 shares in the last quarter. 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.