Planet Fitness, Inc. (NYSE:PLNT) Given Consensus Rating of “Moderate Buy” by Analysts

Posted November 7, 2022 5:30 pm by healthclubnews

Planet Fitness, Inc. (NYSE:PLNT – Get Rating) has earned an average recommendation of “Moderate Buy” from the seventeen brokerages that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $88.21.

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A number of equities research analysts have recently issued reports on PLNT shares. Stifel Nicolaus cut their price objective on shares of Planet Fitness from $85.00 to $82.00 and set a “buy” rating for the company in a research note on Thursday, September 8th. Morgan Stanley reduced their price objective on Planet Fitness from $96.00 to $93.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 10th. Piper Sandler upgraded Planet Fitness from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $73.00 to $70.00 in a report on Tuesday, October 25th. Cowen reduced their price target on Planet Fitness from $95.00 to $80.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 25th. Finally, StockNews.com began coverage on Planet Fitness in a research report on Wednesday, October 12th. They issued a “hold” rating for the company.

Planet Fitness Stock Down 2.3 %

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Shares of NYSE PLNT opened at $62.62 on Friday. The stock’s 50-day simple moving average is $62.96 and its two-hundred day simple moving average is $69.86. Planet Fitness has a twelve month low of $54.15 and a twelve month high of $99.60. The firm has a market capitalization of $5.70 billion, a P/E ratio of 85.78, a P/E/G ratio of 1.17 and a beta of 1.25.

Planet Fitness (NYSE: PLNT) Pullback is Overdone

Planet Fitness (NYSE:PLNT – Get Rating) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.38 EPS for the quarter, hitting analysts’ consensus estimates of $0.38. The business had revenue of $224.40 million during the quarter, compared to analysts’ expectations of $230.13 million. Planet Fitness had a net margin of 8.28% and a negative return on equity of 24.38%. The business’s quarterly revenue was up 63.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.21 EPS. As a group, research analysts anticipate that Planet Fitness will post 1.53 EPS for the current fiscal year.

Institutional Trading of Planet Fitness

Several institutional investors have recently added to or reduced their stakes in PLNT. O Dell Group LLC bought a new position in Planet Fitness during the first quarter valued at approximately $30,000. First Horizon Advisors Inc. grew its stake in shares of Planet Fitness by 290.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 781 shares of the company’s stock valued at $53,000 after purchasing an additional 581 shares during the period. Standard Family Office LLC increased its position in shares of Planet Fitness by 1,147.1% during the 1st quarter. Standard Family Office LLC now owns 848 shares of the company’s stock valued at $72,000 after purchasing an additional 780 shares during the last quarter. Global Retirement Partners LLC lifted its stake in shares of Planet Fitness by 58.4% in the 3rd quarter. Global Retirement Partners LLC now owns 852 shares of the company’s stock worth $56,000 after purchasing an additional 314 shares during the period. Finally, Ellevest Inc. boosted its holdings in shares of Planet Fitness by 1,098.8% in the second quarter. Ellevest Inc. now owns 971 shares of the company’s stock worth $66,000 after buying an additional 890 shares during the last quarter. 95.15% of the stock is currently owned by hedge funds and other institutional investors.

Planet Fitness Company Profile

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Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. It operates through Franchise, Corporate-Owned Stores, and Equipment segments. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.

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