Tuesday, November 5, 2024

Planet Fitness (NYSE:PLNT) Shares Gap Up to $72.73

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Planet Fitness, Inc. (NYSE:PLNTGet Free Report)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $72.73, but opened at $75.28. Planet Fitness shares last traded at $73.79, with a volume of 56,569 shares.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PLNT. TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and increased their target price for the company from $66.00 to $92.00 in a research report on Monday. Morgan Stanley reiterated an “overweight” rating and issued a $79.00 target price on shares of Planet Fitness in a research note on Friday, June 14th. JPMorgan Chase & Co. upgraded shares of Planet Fitness from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $68.00 to $78.00 in a report on Tuesday, May 14th. Royal Bank of Canada lowered their price target on shares of Planet Fitness from $80.00 to $77.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Finally, DA Davidson reiterated a “neutral” rating and set a $62.00 price objective on shares of Planet Fitness in a research note on Friday, June 14th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Planet Fitness presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.64.

Read Our Latest Analysis on Planet Fitness

Planet Fitness Stock Performance

The firm has a market cap of $6.55 billion, a PE ratio of 41.80, a P/E/G ratio of 2.45 and a beta of 1.43. The company has a 50 day simple moving average of $64.45 and a two-hundred day simple moving average of $66.34.

Planet Fitness (NYSE:PLNTGet Free Report) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. The company had revenue of $248.00 million for the quarter, compared to the consensus estimate of $249.48 million. Planet Fitness had a net margin of 13.66% and a negative return on equity of 140.14%. Planet Fitness’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 EPS. As a group, research analysts predict that Planet Fitness, Inc. will post 2.43 earnings per share for the current fiscal year.

Institutional Trading of Planet Fitness

A number of hedge funds have recently modified their holdings of the stock. American Century Companies Inc. grew its position in Planet Fitness by 66.8% during the third quarter. American Century Companies Inc. now owns 877,723 shares of the company’s stock valued at $43,166,000 after buying an additional 351,401 shares during the period. Oak Thistle LLC purchased a new position in shares of Planet Fitness in the 4th quarter valued at about $389,000. Dimensional Fund Advisors LP raised its holdings in Planet Fitness by 17.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 897,910 shares of the company’s stock worth $65,549,000 after purchasing an additional 133,541 shares during the period. Broad Bay Capital Management LP boosted its position in Planet Fitness by 15.4% during the fourth quarter. Broad Bay Capital Management LP now owns 1,223,000 shares of the company’s stock worth $89,279,000 after purchasing an additional 163,000 shares in the last quarter. Finally, Graham Capital Management L.P. acquired a new stake in Planet Fitness in the third quarter valued at approximately $944,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.

About Planet Fitness

(Get Free Report)

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.

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