Planet Fitness (NYSE:PLNT) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Planet Fitness (NYSE:PLNT) from a sell rating to a hold rating in a report issued on Wednesday.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada raised their price target on shares of Planet Fitness from $74.00 to $80.00 and gave the company an outperform rating in a report on Tuesday, March 5th. DA Davidson reissued a neutral rating and issued a $62.00 target price on shares of Planet Fitness in a research note on Monday, February 5th. Piper Sandler upped their price target on shares of Planet Fitness from $88.00 to $89.00 and gave the stock an overweight rating in a research report on Thursday, January 11th. Stifel Nicolaus cut their price objective on Planet Fitness from $85.00 to $80.00 and set a buy rating on the stock in a research report on Friday, February 23rd. Finally, JPMorgan Chase & Co. reduced their price objective on Planet Fitness from $75.00 to $72.00 and set a neutral rating on the stock in a research note on Monday, February 26th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $70.21.

Planet Fitness Stock Down 0.3 %

Shares of NYSE PLNT opened at $61.86 on Wednesday. The stock has a market capitalization of $5.45 billion, a PE ratio of 38.19, a P/E/G ratio of 1.93 and a beta of 1.37. The firm has a fifty day moving average of $61.42 and a 200-day moving average of $65.21. Planet Fitness has a 52-week low of $44.13 and a 52-week high of $75.86.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $285.10 million for the quarter, compared to analysts’ expectations of $282.35 million. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.53 earnings per share. Equities research analysts expect that Planet Fitness will post 2.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PLNT. Allworth Financial LP lifted its holdings in shares of Planet Fitness by 247.6% in the 4th quarter. Allworth Financial LP now owns 358 shares of the company’s stock worth $26,000 after purchasing an additional 255 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in Planet Fitness in the first quarter valued at $27,000. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Planet Fitness during the fourth quarter valued at $47,000. Covestor Ltd grew its position in shares of Planet Fitness by 19.5% during the third quarter. Covestor Ltd now owns 1,460 shares of the company’s stock worth $72,000 after acquiring an additional 238 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its position in shares of Planet Fitness by 17.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock worth $73,000 after acquiring an additional 148 shares during the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

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.