Planet Fitness (NYSE:PLNT) Price Target Increased to $100.00 by Analysts at Bank of America

Planet Fitness (NYSE:PLNT) had its price target raised by Bank of America from $95.00 to $100.00 in a report issued on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently weighed in on PLNT. Jefferies Financial Group raised shares of Planet Fitness from a hold rating to a buy rating and raised their target price for the company from $62.00 to $100.00 in a research note on Monday, June 10th. BMO Capital Markets restated an outperform rating and set a $87.00 price objective (up from $80.00) on shares of Planet Fitness in a research note on Wednesday, August 7th. Roth Mkm upped their target price on shares of Planet Fitness from $73.00 to $88.00 and gave the company a buy rating in a report on Wednesday, August 7th. DA Davidson reaffirmed a neutral rating and set a $62.00 price objective on shares of Planet Fitness in a research report on Friday, June 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Planet Fitness from $78.00 to $80.00 and gave the company an overweight rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Planet Fitness has a consensus rating of Moderate Buy and a consensus target price of $84.87.

Planet Fitness Price Performance

Shares of NYSE:PLNT opened at $81.56 on Friday. The stock has a market capitalization of $7.19 billion, a PE ratio of 46.87, a price-to-earnings-growth ratio of 2.72 and a beta of 1.49. The company’s 50-day moving average price is $77.05 and its two-hundred day moving average price is $68.58. Planet Fitness has a one year low of $44.13 and a one year high of $83.36.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.66 by $0.05. The firm had revenue of $300.94 million during the quarter, compared to analysts’ expectations of $290.17 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 earnings per share. On average, analysts anticipate that Planet Fitness will post 2.44 earnings per share for the current fiscal year.

Insider Activity

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total value of $497,153.36. Following the completion of the transaction, the chief accounting officer now directly owns 6,778 shares in the company, valued at approximately $524,549.42. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Heritage Oak Wealth Advisors LLC acquired a new position in shares of Planet Fitness in the 2nd quarter worth approximately $2,013,000. Granite Bay Wealth Management LLC acquired a new stake in Planet Fitness during the 2nd quarter worth about $1,391,000. Point72 Asset Management L.P. raised its position in shares of Planet Fitness by 169.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after acquiring an additional 829,509 shares in the last quarter. Quarry LP lifted its stake in shares of Planet Fitness by 174.7% in the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock valued at $37,000 after purchasing an additional 318 shares during the period. Finally, Creative Planning boosted its position in shares of Planet Fitness by 16.6% during the 2nd quarter. Creative Planning now owns 8,952 shares of the company’s stock valued at $659,000 after purchasing an additional 1,277 shares in the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

Planet Fitness Company Profile

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.