Brokerages Set Planet Fitness Inc (PLNT) PT at $59.77

Planet Fitness Inc (NYSE:PLNT) has been assigned an average recommendation of “Buy” from the sixteen brokerages that are covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $59.77.

PLNT has been the subject of several recent analyst reports. Jefferies Financial Group raised Planet Fitness from a “hold” rating to a “buy” rating and raised their target price for the stock from $49.00 to $75.00 in a research note on Friday, February 22nd. They noted that the move was a valuation call. Roth Capital raised their target price on Planet Fitness from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 27th. Bank of America reaffirmed a “buy” rating and set a $72.00 target price (up previously from $68.00) on shares of Planet Fitness in a research note on Thursday, February 28th. Zacks Investment Research raised Planet Fitness from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, January 1st. Finally, Robert W. Baird raised their target price on Planet Fitness from $70.00 to $75.00 and gave the stock a “positive” rating in a research note on Tuesday, April 2nd.

Shares of PLNT stock traded up $0.52 on Tuesday, hitting $73.41. The company had a trading volume of 846,048 shares, compared to its average volume of 1,295,832. The stock has a market cap of $6.83 billion, a price-to-earnings ratio of 60.17, a PEG ratio of 2.57 and a beta of 0.74. Planet Fitness has a twelve month low of $36.72 and a twelve month high of $74.60.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Tuesday, February 26th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.02. Planet Fitness had a negative return on equity of 67.65% and a net margin of 15.36%. The company had revenue of $174.40 million during the quarter, compared to analysts’ expectations of $173.76 million. During the same quarter in the prior year, the firm posted $0.24 earnings per share. The business’s quarterly revenue was up 30.1% on a year-over-year basis. As a group, equities analysts forecast that Planet Fitness will post 1.54 earnings per share for the current year.

In other news, CFO Dorvin D. Lively sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $63.52, for a total value of $6,352,000.00. Following the transaction, the chief financial officer now owns 98,883 shares in the company, valued at $6,281,048.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Rondeau sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $60.53, for a total value of $363,180.00. The disclosure for this sale can be found here. Insiders sold 466,291 shares of company stock valued at $29,813,238 in the last three months. Insiders own 14.52% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Ffcm LLC bought a new position in shares of Planet Fitness in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. lifted its holdings in Planet Fitness by 99.3% during the fourth quarter. Meeder Asset Management Inc. now owns 570 shares of the company’s stock worth $31,000 after acquiring an additional 284 shares during the period. Bessemer Group Inc. lifted its holdings in Planet Fitness by 30.6% during the fourth quarter. Bessemer Group Inc. now owns 1,127 shares of the company’s stock worth $60,000 after acquiring an additional 264 shares during the period. Ibex Investors LLC bought a new stake in Planet Fitness during the fourth quarter worth $225,000. Finally, Virtu Financial LLC bought a new stake in Planet Fitness during the fourth quarter worth $227,000. Institutional investors own 94.95% of the company’s stock.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

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Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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