Planet Fitness (NYSE:PLNT) Stock Price Down 3.2% - Here's Why

Planet Fitness, Inc. (NYSE:PLNT - Get Free Report) shares were down 3.2% on Tuesday . The stock traded as low as $103.00 and last traded at $101.99. 344,408 shares were traded during trading, a decline of 75% from the average daily volume of 1,401,293 shares. The stock had previously closed at $105.40.

Analysts Set New Price Targets

PLNT has been the topic of a number of recent analyst reports. 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 note on Friday, May 9th. Roth Mkm reiterated a "buy" rating and issued a $115.00 price objective (up previously from $110.00) on shares of Planet Fitness in a research note on Wednesday, February 26th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $120.00 price objective on shares of Planet Fitness in a research report on Monday, February 24th. BMO Capital Markets lifted their price target on shares of Planet Fitness from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, March 31st. Finally, Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the stock a "buy" rating in a report on Thursday, May 22nd. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $105.11.

Planet Fitness Stock Down 3.0%

The stock has a market cap of $8.61 billion, a price-to-earnings ratio of 54.91, a P/E/G ratio of 2.45 and a beta of 1.33. The company has a 50 day simple moving average of $97.37 and a 200 day simple moving average of $99.25.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced 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 negative return on equity of 107.97% and a net margin of 14.23%. The company had revenue of $276.66 million for the quarter, compared to the consensus estimate of $279.80 million. During the same quarter last year, the company posted $0.53 EPS. The company's quarterly revenue was up 11.6% compared to the same quarter last year. As a group, analysts predict that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Brooklyn Investment Group boosted its position 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 buying an additional 118 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in Planet Fitness by 187.6% during the first quarter. First Horizon Advisors Inc. now owns 371 shares of the company's stock valued at $36,000 after purchasing an additional 242 shares in the last quarter. R Squared Ltd purchased a new position in shares of Planet Fitness in the fourth quarter worth $39,000. CoreCap Advisors LLC raised its position in Planet Fitness by 1,250.0% during the fourth quarter. CoreCap Advisors LLC now owns 486 shares of the company's stock valued at $48,000 after purchasing an additional 450 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in shares of Planet Fitness by 291.0% during the 1st quarter. Farther Finance Advisors LLC now owns 520 shares of the company's stock worth $50,000 after purchasing an additional 387 shares during the period. Hedge funds and other institutional investors 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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