Planet Fitness, Inc. (NYSE:PLNT) Receives Average Rating of “Buy” from Brokerages

Planet Fitness, Inc. (NYSE:PLNT) has earned an average recommendation of “Buy” from the fifteen analysts that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $122.2727.

A number of equities analysts have recently commented on PLNT shares. JPMorgan Chase & Co. raised their price objective on Planet Fitness from $108.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Stifel Nicolaus raised their price target on shares of Planet Fitness from $125.00 to $130.00 and gave the company a “buy” rating in a report on Friday, November 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Planet Fitness in a research note on Monday, December 29th. Canaccord Genuity Group increased their price objective on shares of Planet Fitness from $139.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Finally, Guggenheim raised shares of Planet Fitness to a “strong-buy” rating in a research note on Wednesday, December 10th.

Planet Fitness Trading Up 2.1%

Shares of PLNT opened at $92.64 on Wednesday. Planet Fitness has a twelve month low of $87.44 and a twelve month high of $114.47. The firm has a market capitalization of $7.72 billion, a P/E ratio of 37.81, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26. The stock’s fifty day simple moving average is $100.74 and its 200 day simple moving average is $101.95.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Inceptionr LLC bought a new position in Planet Fitness during the 2nd quarter valued at $356,000. ABN AMRO Bank N.V. bought a new position in shares of Planet Fitness during the second quarter worth about $13,214,000. Federated Hermes Inc. grew its stake in Planet Fitness by 21.0% in the third quarter. Federated Hermes Inc. now owns 753,079 shares of the company’s stock worth $78,170,000 after purchasing an additional 130,687 shares in the last quarter. Advantage Alpha Capital Partners LP bought a new stake in Planet Fitness in the second quarter valued at about $2,633,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Planet Fitness during the second quarter valued at approximately $883,000. Institutional investors and hedge funds own 95.53% of the company’s stock.

Planet Fitness Company Profile

Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.

The company operates through a network of franchised and company-owned clubs.