Planet Fitness, Inc. (NYSE:PLNT) Receives $107.38 Average Target Price from Analysts

Key Points

• Analysts have assigned Planet Fitness, Inc. (NYSE:PLNT) an average recommendation of "Moderate Buy", with twelve out of sixteen analysts issuing buy ratings.
• The company's recent quarterly earnings showed a 13.3% year-over-year revenue increase to $340.88 million, surpassing analyst expectations.
• Institutional investors hold a significant share of Planet Fitness stock, with 95.53% of shares owned by institutional entities, reflecting strong confidence in the company's performance.

Planet Fitness, Inc. (NYSE:PLNT - Get Free Report) has received an average recommendation of "Moderate Buy" from the sixteen ratings firms that are covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $107.3750.

Several analysts have commented on the stock. Canaccord Genuity Group set a $126.00 target price on shares of Planet Fitness and gave the company a "buy" rating in a research report on Thursday, June 12th. Morgan Stanley upped their target price on shares of Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Guggenheim reiterated a "buy" rating and set a $110.00 target price on shares of Planet Fitness in a research report on Monday, May 12th. Macquarie reiterated a "neutral" rating and set a $95.00 target price on shares of Planet Fitness in a research report on Tuesday, May 13th. Finally, Stifel Nicolaus set a $120.00 target price on shares of Planet Fitness and gave the company a "buy" rating in a research report on Thursday, May 22nd.

Hedge Funds Weigh In On Planet Fitness

Institutional investors and hedge funds have recently made changes to their positions in the company. Game Plan Financial Advisors LLC acquired a new position in shares of Planet Fitness in the 2nd quarter valued at $25,000. Hantz Financial Services Inc. grew its holdings in shares of Planet Fitness by 964.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 266 shares of the company's stock valued at $29,000 after buying an additional 241 shares during the period. Brooklyn Investment Group grew its holdings in shares of Planet Fitness by 57.8% in the 1st quarter. Brooklyn Investment Group now owns 322 shares of the company's stock valued at $31,000 after buying an additional 118 shares during the period. First Horizon Advisors Inc. grew its holdings in shares of Planet Fitness by 187.6% in the 1st quarter. First Horizon Advisors Inc. now owns 371 shares of the company's stock valued at $36,000 after buying an additional 242 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Planet Fitness by 184.5% in the 2nd 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. Institutional investors and hedge funds own 95.53% of the company's stock.

Planet Fitness Stock Down 2.0%

PLNT stock traded down $2.14 during trading on Wednesday, hitting $104.66. The company had a trading volume of 1,061,597 shares, compared to its average volume of 1,444,029. The firm has a 50-day moving average price of $108.18 and a 200-day moving average price of $101.91. Planet Fitness has a 12 month low of $77.77 and a 12 month high of $114.47. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of 46.51, a PEG ratio of 2.33 and a beta of 1.37.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $340.88 million during the quarter, compared to analysts' expectations of $329.59 million. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. Planet Fitness's revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.71 EPS. Equities analysts expect that Planet Fitness will post 2.51 EPS for the current year.

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.