Planet Fitness (NYSE:PLNT) Raised to Strong-Buy at Guggenheim

Planet Fitness (NYSE:PLNT) was upgraded by research analysts at Guggenheim to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

A number of other analysts have also issued reports on the stock. Cowen reiterated a “buy” rating on shares of Planet Fitness in a research note on Friday, November 14th. Canaccord Genuity Group raised their price target on shares of Planet Fitness from $130.00 to $139.00 and gave the company a “buy” rating in a report on Monday, November 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Planet Fitness in a research note on Monday. Jefferies Financial Group reiterated a “buy” rating on shares of Planet Fitness in a report on Wednesday, September 24th. Finally, Stifel Nicolaus upped their price objective on shares of Planet Fitness from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $119.92.

Planet Fitness Price Performance

Shares of NYSE PLNT opened at $107.59 on Wednesday. Planet Fitness has a 1-year low of $87.72 and a 1-year high of $114.47. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of 43.92, a PEG ratio of 2.41 and a beta of 1.28. The business has a 50-day moving average of $101.19 and a 200-day moving average of $104.29.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Thursday, November 6th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.72 by $0.08. The business had revenue of $330.35 million for the quarter, compared to the consensus estimate of $323.95 million. Planet Fitness had a negative return on equity of 126.58% and a net margin of 15.97%.The company’s revenue was up 13.0% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS. Planet Fitness has set its FY 2025 guidance at 3.000-3.030 EPS. Research analysts expect that Planet Fitness will post 2.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Swiss Life Asset Management Ltd grew its holdings in Planet Fitness by 81.2% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 3,935 shares of the company’s stock worth $408,000 after acquiring an additional 1,763 shares in the last quarter. Strategic Advocates LLC acquired a new stake in shares of Planet Fitness in the 3rd quarter valued at about $75,000. CIBC Private Wealth Group LLC lifted its position in shares of Planet Fitness by 33.2% during the third quarter. CIBC Private Wealth Group LLC now owns 273,939 shares of the company’s stock worth $28,435,000 after purchasing an additional 68,244 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in Planet Fitness in the third quarter worth about $28,515,000. Finally, Coldstream Capital Management Inc. grew its stake in Planet Fitness by 9.3% in the third quarter. Coldstream Capital Management Inc. now owns 3,614 shares of the company’s stock worth $375,000 after purchasing an additional 308 shares in the last quarter. 95.53% of the stock is currently owned by 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.