Morgan Stanley Boosts Planet Fitness (NYSE:PLNT) Price Target to $106.00

Planet Fitness (NYSE:PLNT) had its price target hoisted by Morgan Stanley from $101.00 to $106.00 in a research note issued to investors on Wednesday, The Fly reports. The brokerage currently has an overweight rating on the stock.

Several other analysts have also weighed in on the company. Cowen raised Planet Fitness from a market perform rating to an outperform rating and raised their price objective for the company from $92.00 to $100.00 in a research note on Tuesday, December 14th. JPMorgan Chase & Co. raised their price objective on Planet Fitness from $84.00 to $88.00 and gave the company a neutral rating in a research note on Friday, December 17th. Robert W. Baird raised their price objective on Planet Fitness from $100.00 to $110.00 and gave the company an outperform rating in a research note on Friday, November 5th. They noted that the move was a valuation call. TheStreet raised Planet Fitness from a c rating to a b- rating in a research note on Thursday, November 4th. Finally, Roth Capital increased their target price on Planet Fitness from $100.00 to $110.00 and gave the company a buy rating in a research report on Monday, November 8th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Planet Fitness has an average rating of Buy and a consensus target price of $100.17.

PLNT opened at $86.78 on Wednesday. The business’s fifty day moving average is $88.66 and its 200-day moving average is $81.32. The firm has a market cap of $7.52 billion, a P/E ratio of 154.96, a price-to-earnings-growth ratio of 2.64 and a beta of 1.21. Planet Fitness has a 52-week low of $67.89 and a 52-week high of $99.60.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Thursday, November 4th. The company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.08. The business had revenue of $154.30 million for the quarter, compared to analyst estimates of $134.79 million. Planet Fitness had a negative return on equity of 9.30% and a net margin of 8.51%. Planet Fitness’s revenue was up 46.4% compared to the same quarter last year. During the same period last year, the firm posted $0.02 earnings per share. As a group, equities analysts anticipate that Planet Fitness will post 0.82 EPS for the current year.

In other news, CEO Christopher Rondeau sold 150,000 shares of the firm’s stock in a transaction dated Monday, November 8th. The stock was sold at an average price of $96.07, for a total transaction of $14,410,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.41% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Moors & Cabot Inc. bought a new stake in Planet Fitness in the third quarter worth approximately $26,000. Liberty Wealth Management LLC increased its holdings in Planet Fitness by 388.6% in the third quarter. Liberty Wealth Management LLC now owns 342 shares of the company’s stock worth $29,000 after purchasing an additional 272 shares in the last quarter. Pinnacle Holdings LLC bought a new stake in Planet Fitness in the third quarter worth approximately $30,000. Manchester Capital Management LLC bought a new stake in Planet Fitness in the third quarter worth approximately $35,000. Finally, Penserra Capital Management LLC bought a new stake in Planet Fitness in the second quarter worth approximately $36,000. Institutional investors and hedge funds own 96.38% of the company’s stock.

About Planet Fitness

Planet Fitness, Inc engages in the operation and franchising of fitness centers. It operates through the following segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment includes operations related to the company’s franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, Panama, Mexico, and Australia.

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