Planet Fitness (NYSE:PLNT) Shares Gap Down - Here's Why

Key Points

• Planet Fitness shares gapped down at market open, falling from a previous close of $109.27 to $101.84, with the last trade at $100.15.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Planet Fitness, with price targets ranging from $95.00 to $126.00.
• Recent quarterly results show Planet Fitness reported $0.86 earnings per share, exceeding estimates and reflecting a 13.3% increase in revenue year-over-year.

Shares of Planet Fitness, Inc. (NYSE:PLNT - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $109.27, but opened at $101.84. Planet Fitness shares last traded at $100.15, with a volume of 885,769 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PLNT shares. Morgan Stanley boosted their price target on shares of Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Macquarie restated a "neutral" rating and issued a $95.00 price objective on shares of Planet Fitness in a report on Tuesday, May 13th. Canaccord Genuity Group set a $126.00 price objective on shares of Planet Fitness and gave the stock a "buy" rating in a research report on Thursday, June 12th. Stifel Nicolaus set a $120.00 price target on shares of Planet Fitness and gave the stock a "buy" rating in a report on Thursday, May 22nd. Finally, Guggenheim reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Planet Fitness in a research note on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $106.63.

Planet Fitness Stock Performance

The firm has a market capitalization of $8.78 billion, a PE ratio of 49.24, a PEG ratio of 2.47 and a beta of 1.40. The company has a fifty day simple moving average of $107.54 and a two-hundred day simple moving average of $101.89.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. Planet Fitness had a net margin of 14.84% and a negative return on equity of 88.70%. During the same quarter in the prior year, the firm earned $0.71 EPS. Planet Fitness's revenue was up 13.3% on a year-over-year basis. On average, equities analysts anticipate that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Planet Fitness

Several hedge funds have recently bought and sold shares of PLNT. Game Plan Financial Advisors LLC purchased a new stake in Planet Fitness during the 2nd quarter valued at approximately $25,000. Hantz Financial Services Inc. lifted its holdings in shares of Planet Fitness by 964.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 266 shares of the company's stock valued at $29,000 after acquiring an additional 241 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of 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 acquiring an additional 118 shares in the last quarter. First Horizon Advisors Inc. grew its position 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 worth $36,000 after acquiring an additional 242 shares in the last quarter. Finally, CoreCap Advisors LLC increased its holdings in shares of Planet Fitness by 1,250.0% in the 4th quarter. CoreCap Advisors LLC now owns 486 shares of the company's stock valued at $48,000 after acquiring an additional 450 shares during the last quarter. Institutional investors and hedge funds own 95.53% of the company's stock.

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.

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