Planet Fitness (NYSE:PLNT) Receives Buy Rating from Canaccord Genuity Group

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.

Canaccord Genuity Group reiterated their buy rating on shares of Planet Fitness (NYSE:PLNT - Free Report) in a research note issued to investors on Monday,Benzinga reports. Canaccord Genuity Group currently has a $126.00 price target on the stock.

A number of other research analysts have also recently issued reports on PLNT. Raymond James Financial reiterated a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $108.64.

Planet Fitness Stock Performance

Shares of PLNT traded down $0.03 on Monday, reaching $100.25. The stock had a trading volume of 378,129 shares, compared to its average volume of 1,455,347. The company has a 50-day simple moving average of $106.76 and a 200-day simple moving average of $102.36. The firm has a market capitalization of $8.44 billion, a price-to-earnings ratio of 44.55, a price-to-earnings-growth ratio of 2.19 and a beta of 1.37. Planet Fitness has a 12-month low of $77.77 and a 12-month high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $329.59 million. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The firm's quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.71 earnings per share. On average, analysts expect that Planet Fitness will post 2.51 EPS for the current fiscal year.

Institutional Trading of Planet Fitness

Hedge funds have recently bought and sold shares of the stock. Game Plan Financial Advisors LLC bought a new stake in Planet Fitness during the second quarter valued at about $25,000. Hantz Financial Services Inc. grew its holdings in Planet Fitness by 964.0% during the second quarter. Hantz Financial Services Inc. now owns 266 shares of the company's stock valued at $29,000 after purchasing an additional 241 shares during the period. Brooklyn Investment Group grew its holdings in Planet Fitness by 57.8% during the first quarter. Brooklyn Investment Group now owns 322 shares of the company's stock valued at $31,000 after purchasing an additional 118 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Planet Fitness by 184.5% during the second quarter. EverSource Wealth Advisors LLC now owns 330 shares of the company's stock valued at $36,000 after purchasing an additional 214 shares during the period. Finally, First Horizon Advisors Inc. boosted its stake 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 worth $36,000 after acquiring an additional 242 shares during the period. Institutional investors 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.