Canaccord Genuity Group Reaffirms Buy Rating for Planet Fitness (NYSE:PLNT)

Key Points

• Canaccord Genuity Group has restated its "buy" rating for Planet Fitness (NYSE:PLNT) with a price target of $126.00, suggesting a potential upside of 23.65% from the current price.
• Planet Fitness reported a 13.3% year-over-year revenue increase, with earnings per share (EPS) of $0.86, exceeding analyst expectations.
• Despite some variations in ratings from different analysts, the consensus rating for Planet Fitness remains a "Moderate Buy," with a target price averaging around $108.64.

Planet Fitness (NYSE:PLNT - Get Free Report)'s stock had its "buy" rating restated by investment analysts at Canaccord Genuity Group in a research report issued on Monday,Benzinga reports. They currently have a $126.00 price objective on the stock. Canaccord Genuity Group's price target indicates a potential upside of 23.65% from the company's current price.

Several other equities research analysts have also weighed in on PLNT. Stifel Nicolaus set a $120.00 price objective on shares of Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Raymond James Financial reiterated a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Planet Fitness presently has a consensus rating of "Moderate Buy" and a consensus target price of $108.64.

Planet Fitness Stock Performance

Shares of Planet Fitness stock opened at $101.90 on Monday. The firm has a market cap of $8.58 billion, a PE ratio of 45.29, a price-to-earnings-growth ratio of 2.26 and a beta of 1.37. The firm's 50-day simple moving average is $107.31 and its 200-day simple moving average is $102.29. Planet Fitness has a 1 year low of $77.77 and a 1 year high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.07. The business had revenue of $340.88 million for the quarter, compared to analyst estimates of $329.59 million. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. The company's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.71 EPS. On average, equities analysts predict that Planet Fitness will post 2.51 earnings per share for the current year.

Institutional Trading of Planet Fitness

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. KBC Group NV boosted its position in shares of Planet Fitness by 13.7% during the 1st quarter. KBC Group NV now owns 3,503 shares of the company's stock valued at $338,000 after acquiring an additional 422 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Planet Fitness by 7.4% during the 1st quarter. GAMMA Investing LLC now owns 2,245 shares of the company's stock valued at $217,000 after acquiring an additional 155 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Planet Fitness by 2.3% during the 1st quarter. Bessemer Group Inc. now owns 359,755 shares of the company's stock valued at $34,756,000 after acquiring an additional 8,025 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Planet Fitness by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 8,098,481 shares of the company's stock valued at $782,394,000 after acquiring an additional 62,716 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its position in shares of Planet Fitness by 70.6% during the 1st quarter. New York State Teachers Retirement System now owns 33,600 shares of the company's stock valued at $3,246,000 after acquiring an additional 13,900 shares in the last quarter. 95.53% of the stock is currently owned by institutional investors and hedge funds.

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.

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