Planet Fitness (NYSE:PLNT) Given New $126.00 Price Target at Canaccord Genuity Group

Planet Fitness (NYSE:PLNT - Get Free Report) had its target price increased by equities research analysts at Canaccord Genuity Group from $120.00 to $126.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 21.24% from the stock's previous close.

A number of other brokerages also recently commented on PLNT. Morgan Stanley lifted their price objective 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. BMO Capital Markets boosted their price objective on shares of Planet Fitness from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Monday, March 31st. 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. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Planet Fitness in a research report on Monday, May 12th. Finally, Roth Mkm reiterated a "buy" rating and set a $115.00 price objective (up from $110.00) on shares of Planet Fitness in a research report on Wednesday, February 26th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $105.76.

Planet Fitness Stock Up 1.7%

Shares of NYSE:PLNT traded up $1.78 during midday trading on Thursday, reaching $103.93. 1,115,901 shares of the company were exchanged, compared to its average volume of 1,380,445. Planet Fitness has a fifty-two week low of $68.75 and a fifty-two week high of $110.00. The stock has a fifty day simple moving average of $98.90 and a two-hundred day simple moving average of $99.78. The firm has a market cap of $8.75 billion, a PE ratio of 55.88, a P/E/G ratio of 2.45 and a beta of 1.33.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.03). Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The business had revenue of $276.66 million during the quarter, compared to analyst estimates of $279.80 million. During the same quarter in the previous year, the firm posted $0.53 earnings per share. The firm's quarterly revenue was up 11.6% on a year-over-year basis. As a group, analysts forecast that Planet Fitness will post 2.51 earnings per share for the current year.

Institutional Trading of Planet Fitness

Several institutional investors and hedge funds have recently made changes to their positions in the company. 1248 Management LLC purchased a new stake in shares of Planet Fitness in the first quarter valued at about $809,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Planet Fitness by 38.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 401,625 shares of the company's stock worth $38,801,000 after purchasing an additional 111,168 shares in the last quarter. Woodline Partners LP purchased a new position in shares of Planet Fitness in the first quarter worth about $7,490,000. Empowered Funds LLC purchased a new position in Planet Fitness during the first quarter valued at approximately $1,891,000. Finally, United Services Automobile Association purchased a new position in Planet Fitness during the first quarter valued at approximately $528,000. Hedge funds and other 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.