Planet Fitness (NYSE:PLNT) Sets New 12-Month High - Here's Why

Planet Fitness, Inc. (NYSE:PLNT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $113.56 and last traded at $113.01, with a volume of 664051 shares traded. The stock had previously closed at $110.02.

Analysts Set New Price Targets

A number of analysts recently commented on PLNT shares. Morgan Stanley upped 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 lifted their price target on Planet Fitness from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday, March 31st. Guggenheim reaffirmed a "buy" rating and set a $110.00 price target on shares of Planet Fitness in a research note on Monday, May 12th. Stifel Nicolaus set a $120.00 price target on shares of Planet Fitness and gave the company a "buy" rating in a research note on Thursday, May 22nd. Finally, Canaccord Genuity Group set a $126.00 price target on Planet Fitness and gave the company a "buy" rating in a research report on Thursday, June 12th. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $106.63.

Planet Fitness Stock Up 0.2%

The stock has a market cap of $9.49 billion, a PE ratio of 53.14, a P/E/G ratio of 2.52 and a beta of 1.33. The company has a fifty day moving average price of $106.71 and a 200 day moving average price of $101.59.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.59 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.03). Planet Fitness had a negative return on equity of 88.70% and a net margin of 14.84%. The firm had revenue of $276.66 million for the quarter, compared to analysts' expectations of $279.80 million. During the same quarter last year, the company posted $0.53 EPS. The firm's revenue was up 11.6% on a year-over-year basis. As a group, research analysts predict that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Institutional Investors Weigh In On Planet Fitness

Several hedge funds and other institutional investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. increased its holdings in shares of Planet Fitness by 6.3% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,407,128 shares of the company's stock worth $812,213,000 after buying an additional 496,047 shares during the last quarter. Vanguard Group Inc. increased its stake in Planet Fitness by 0.8% in the first quarter. Vanguard Group Inc. now owns 8,098,481 shares of the company's stock valued at $782,394,000 after purchasing an additional 62,716 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Planet Fitness by 1.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,609,196 shares of the company's stock valued at $356,841,000 after acquiring an additional 36,803 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Planet Fitness by 62.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,289,606 shares of the company's stock valued at $317,810,000 after purchasing an additional 1,268,262 shares during the period. Finally, Ninety One UK Ltd grew its holdings in Planet Fitness by 35.7% during the second quarter. Ninety One UK Ltd now owns 2,883,906 shares of the company's stock worth $314,490,000 after acquiring an additional 759,227 shares during the period. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

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.