Planet Fitness, Inc. (NYSE:PLNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $29.00 target price on the stock. Zacks Investment Research‘s target price indicates a potential upside of 8.09% from the company’s current price.
According to Zacks, “Planet Fitness, Inc. franchises and operates fitness centers through its subsidiaries. The company’s operating segments consists of Franchise, Corporate-owned stores and Equipment. It is engaged in licensing and selling franchises under the Planet Fitness trade name, owning and operating fitness centers under the Planet Fitness trade name and selling fitness-related equipment to franchisee-owned stores. Planet Fitness, Inc. is headquartered in Newington, New Hampshire. “
A number of other equities research analysts have also weighed in on PLNT. Robert W. Baird restated an “outperform” rating and set a $31.00 price objective (up previously from $28.00) on shares of Planet Fitness in a research note on Wednesday, October 4th. Cowen and Company reaffirmed an “outperform” rating and set a $28.00 target price (up previously from $23.00) on shares of Planet Fitness in a report on Thursday, August 10th. Roth Capital set a $23.00 target price on Planet Fitness and gave the stock a “buy” rating in a report on Thursday, August 10th. Jefferies Group LLC reaffirmed a “buy” rating and set a $29.00 target price (up previously from $26.00) on shares of Planet Fitness in a report on Thursday, August 10th. Finally, BidaskClub downgraded Planet Fitness from a “buy” rating to a “hold” rating in a report on Thursday, October 5th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $28.00.
Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Wednesday, August 9th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. Planet Fitness had a negative return on equity of 57.01% and a net margin of 8.77%. The firm had revenue of $107.31 million during the quarter, compared to analyst estimates of $101.99 million. During the same quarter last year, the firm earned $0.17 EPS. Planet Fitness’s quarterly revenue was up 17.3% on a year-over-year basis.
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In related news, CEO Christopher Rondeau sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $26.75, for a total value of $535,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 19.87% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneva Advisors LLC lifted its holdings in shares of Planet Fitness by 4.1% in the 2nd quarter. Geneva Advisors LLC now owns 40,691 shares of the company’s stock worth $950,000 after purchasing an additional 1,600 shares during the last quarter. Wolverine Trading LLC lifted its holdings in shares of Planet Fitness by 24.5% in the 2nd quarter. Wolverine Trading LLC now owns 11,704 shares of the company’s stock worth $274,000 after purchasing an additional 2,304 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Planet Fitness by 2.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 89,498 shares of the company’s stock worth $2,089,000 after purchasing an additional 2,369 shares during the last quarter. AHL Partners LLP lifted its holdings in shares of Planet Fitness by 11.0% in the 2nd quarter. AHL Partners LLP now owns 27,748 shares of the company’s stock worth $648,000 after purchasing an additional 2,756 shares during the last quarter. Finally, Fortaleza Asset Management Inc. lifted its holdings in shares of Planet Fitness by 57.9% in the 2nd quarter. Fortaleza Asset Management Inc. now owns 7,830 shares of the company’s stock worth $183,000 after purchasing an additional 2,870 shares during the last quarter.
Planet Fitness Company Profile
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three 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, the Dominican Republic and Canada.
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