Canaccord Genuity Group Forecasts Strong Price Appreciation for Planet Fitness (NYSE:PLNT) Stock

Planet Fitness (NYSE:PLNT) had its price target lifted by stock analysts at Canaccord Genuity Group from $130.00 to $139.00 in a note issued to investors on Monday, Marketbeat reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 34.18% from the company’s previous close.

A number of other research analysts have also issued reports on PLNT. Macquarie raised their price objective on shares of Planet Fitness from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Planet Fitness in a research note on Wednesday, September 24th. Raymond James Financial reissued a “strong-buy” rating on shares of Planet Fitness in a research note on Thursday, August 7th. UBS Group initiated coverage on Planet Fitness in a report on Friday, October 17th. They issued a “buy” rating and a $125.00 price objective for the company. Finally, Morgan Stanley raised their target price on Planet Fitness from $119.00 to $123.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $117.23.

Planet Fitness Stock Up 1.3%

NYSE PLNT opened at $103.59 on Monday. The company has a market cap of $8.63 billion, a price-to-earnings ratio of 42.28, a price-to-earnings-growth ratio of 2.28 and a beta of 1.37. Planet Fitness has a twelve month low of $87.72 and a twelve month high of $114.47. The business’s fifty day moving average is $98.89 and its 200 day moving average is $103.24.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, November 6th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.08. Planet Fitness had a negative return on equity of 126.58% and a net margin of 15.97%.The business had revenue of $330.35 million during the quarter, compared to analysts’ expectations of $323.95 million. During the same quarter in the prior year, the firm earned $0.64 EPS. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. Planet Fitness has set its FY 2025 guidance at 3.000-3.030 EPS. On average, research analysts anticipate that Planet Fitness will post 2.51 earnings per share for the current fiscal year.

Institutional Trading of Planet Fitness

Institutional investors have recently bought and sold shares of the company. Game Plan Financial Advisors LLC bought a new position in shares of Planet Fitness in the 2nd quarter worth about $25,000. Hantz Financial Services Inc. grew its stake in Planet Fitness by 964.0% during the second quarter. Hantz Financial Services Inc. now owns 266 shares of the company’s stock worth $29,000 after purchasing an additional 241 shares during the period. Brooklyn Investment Group increased its holdings in Planet Fitness by 57.8% in the first quarter. Brooklyn Investment Group now owns 322 shares of the company’s stock worth $31,000 after purchasing an additional 118 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in 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 buying an additional 214 shares during the period. Finally, SJS Investment Consulting Inc. lifted its stake in Planet Fitness by 6,950.0% in the third quarter. SJS Investment Consulting Inc. now owns 423 shares of the company’s stock valued at $44,000 after buying an additional 417 shares during the period. Institutional investors 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 company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.