Planet Fitness (NYSE:PLNT) Given New $122.00 Price Target at Raymond James Financial

Key Points

• Raymond James Financial has raised its price target for Planet Fitness stock from $110.00 to $122.00, indicating a potential upside of 15.77% based on the company's current price and maintaining a "strong-buy" rating.
• Multiple firms have also adjusted their price targets, with the average consensus among analysts currently being a "Moderate Buy" rating and a price target of $107.38.
• Planet Fitness reported a 13.3% increase in revenue year-over-year, achieving earnings per share of $0.86, surpassing the consensus estimate of $0.79.

Planet Fitness (NYSE:PLNT - Get Free Report) had its target price boosted by research analysts at Raymond James Financial from $110.00 to $122.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "strong-buy" rating on the stock. Raymond James Financial's price objective points to a potential upside of 13.96% from the stock's previous close.

Several other research analysts have also issued reports on PLNT. Morgan Stanley raised their price target on Planet Fitness from $111.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Macquarie reaffirmed a "neutral" rating and set a $95.00 price objective on shares of Planet Fitness in a research note on Tuesday, May 13th. Canaccord Genuity Group set a $126.00 price objective on Planet Fitness and gave the stock a "buy" rating in a report on Thursday, June 12th. Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the company a "buy" rating in a research note on Thursday, May 22nd. Finally, Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Planet Fitness in a research report on Monday, May 12th. Three investment 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, Planet Fitness currently has an average rating of "Moderate Buy" and a consensus target price of $107.38.

Planet Fitness Stock Up 0.4%

Planet Fitness stock traded up $0.43 during trading hours on Thursday, hitting $107.06. The stock had a trading volume of 480,977 shares, compared to its average volume of 1,524,007. The company has a 50-day moving average of $107.73 and a two-hundred day moving average of $101.86. The company has a market cap of $9.01 billion, a PE ratio of 47.57, a price-to-earnings-growth ratio of 2.37 and a beta of 1.40. Planet Fitness has a fifty-two week low of $77.77 and a fifty-two week high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.07. The business had revenue of $340.88 million for the quarter, compared to analysts' expectations of $329.59 million. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%. The firm's quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.71 earnings per share. As a group, analysts forecast that Planet Fitness will post 2.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Fitness

Several institutional investors have recently made changes to their positions in PLNT. Game Plan Financial Advisors LLC bought a new position in Planet Fitness during the second quarter worth $25,000. Hantz Financial Services Inc. lifted its stake in Planet Fitness by 964.0% in the second quarter. Hantz Financial Services Inc. now owns 266 shares of the company's stock valued at $29,000 after buying an additional 241 shares during the last quarter. Brooklyn Investment Group increased its holdings 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 purchasing an additional 118 shares during the period. First Horizon Advisors Inc. grew 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 worth $36,000 after acquiring an additional 242 shares during the period. Finally, CoreCap Advisors LLC increased its stake in Planet Fitness by 1,250.0% in the 4th quarter. CoreCap Advisors LLC now owns 486 shares of the company's stock worth $48,000 after purchasing an additional 450 shares in the last quarter. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

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.