Planet Fitness (NYSE:PLNT) Shares Break Below Two Hundred Day Moving Average - Time to Sell?

Key Points

• Planet Fitness shares fell below their 200-day moving average of $60.65, reaching an intraday low of $59.94 and last trading around $60.19.
• Despite the technical dip, analysts maintain a Moderate Buy consensus, with an average price target of $71.87; ratings include 12 Buy or Strong Buy, nine Hold, and one Sell.
• The company beat quarterly earnings and revenue estimates, reporting EPS of $0.83 and revenue of $359.98 million, with revenue up 9% year over year.

Planet Fitness, Inc. (NYSE:PLNT - Get Free Report)'s stock price crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $60.65 and traded as low as $59.94. Planet Fitness shares last traded at $60.1890, with a volume of 1,114,672 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PLNT shares. Jefferies Financial Group reiterated a "buy" rating on shares of Planet Fitness in a report on Tuesday. TD Cowen increased their price objective on shares of Planet Fitness from $54.00 to $61.00 and gave the company a "hold" rating in a report on Monday. Canaccord Genuity Group raised their price objective on Planet Fitness from $80.00 to $82.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $72.00 target price on shares of Planet Fitness in a report on Thursday, November 5th. Finally, Royal Bank Of Canada boosted their target price on Planet Fitness from $60.00 to $70.00 and gave the stock an "outperform" rating in a research report on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $71.87.

Planet Fitness Stock Performance

The business's fifty day moving average price is $49.96 and its two-hundred day moving average price is $60.65. The stock has a market capitalization of $4.55 billion, a P/E ratio of 20.40, a P/E/G ratio of 1.30 and a beta of 1.02.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.02. The firm had revenue of $359.98 million during the quarter, compared to the consensus estimate of $348.34 million. Planet Fitness had a net margin of 16.06% and a negative return on equity of 47.24%. The firm's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 EPS. As a group, analysts forecast that Planet Fitness, Inc. will post 3.27 earnings per share for the current year.

Insider Buying and Selling

In other news, COO William Bode sold 7,000 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $51.22, for a total value of $358,540.00. Following the completion of the sale, the chief operating officer directly owned 32,939 shares of the company's stock, valued at $1,687,135.58. This trade represents a 17.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher Tanco bought 2,328 shares of the company's stock in a transaction dated Monday, September 14th. The stock was bought at an average price of $51.23 per share, with a total value of $119,263.44. Following the acquisition, the director owned 2,328 shares in the company, valued at approximately $119,263.44. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PLNT. Dimensional Fund Advisors LP raised its stake in shares of Planet Fitness by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,238,129 shares of the company's stock valued at $92,091,000 after acquiring an additional 21,914 shares during the period. Van Berkom & Associates Inc. boosted its stake in shares of Planet Fitness by 21.1% during the 1st quarter. Van Berkom & Associates Inc. now owns 990,819 shares of the company's stock worth $73,697,000 after purchasing an additional 172,586 shares during the period. Bank of America Corp DE boosted its stake in shares of Planet Fitness by 7.2% during the 1st quarter. Bank of America Corp DE now owns 779,251 shares of the company's stock worth $57,961,000 after purchasing an additional 52,289 shares during the period. Bank of New York Mellon Corp grew its holdings in Planet Fitness by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 732,411 shares of the company's stock valued at $54,477,000 after purchasing an additional 13,089 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Planet Fitness during the 2nd quarter valued at about $44,399,000. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Company Profile

Planet Fitness, Inc. is a fitness club franchisor and operator known for its low-cost membership model and “Judgement Free Zone” approach. Its clubs offer cardio and strength-training equipment, along with access to fitness training and other member services. Founded in 1992, the company began franchising its clubs in 2003. Planet Fitness serves members primarily in the United States, as well as in several international markets, including Canada, Mexico and Australia. Planet Fitness is headquartered in Hampton, New Hampshire.

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