Planet Fitness (NYSE:PLNT) Sets New 52-Week High – Still a Buy?

Planet Fitness, Inc. (NYSE:PLNT)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $102.88 and last traded at $102.47, with a volume of 481072 shares changing hands. The stock had previously closed at $100.17.

Analyst Ratings Changes

Several analysts have recently commented on the company. Royal Bank of Canada raised their target price on Planet Fitness from $87.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Morgan Stanley raised their price objective on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 29th. Macquarie reiterated a “neutral” rating and issued a $99.00 target price (up previously from $91.00) on shares of Planet Fitness in a report on Friday, November 8th. Stifel Nicolaus raised their price target on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Finally, Robert W. Baird upped their price objective on shares of Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $93.38.

Planet Fitness Stock Performance

The company has a market cap of $8.63 billion, a P/E ratio of 54.84, a P/E/G ratio of 3.31 and a beta of 1.53. The firm has a 50 day moving average price of $89.22 and a 200-day moving average price of $80.55.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. During the same quarter last year, the company posted $0.59 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, sell-side analysts forecast that Planet Fitness, Inc. will post 2.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the transaction, the insider now owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Quest Partners LLC lifted its stake in shares of Planet Fitness by 126.0% in the third quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock valued at $772,000 after buying an additional 5,298 shares during the period. Qsemble Capital Management LP raised its holdings in Planet Fitness by 100.6% in the 3rd quarter. Qsemble Capital Management LP now owns 20,972 shares of the company’s stock valued at $1,703,000 after acquiring an additional 10,518 shares in the last quarter. Premier Fund Managers Ltd acquired a new position in Planet Fitness in the 3rd quarter valued at approximately $775,000. Banco Santander S.A. bought a new stake in shares of Planet Fitness in the 3rd quarter worth approximately $637,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Planet Fitness during the 3rd quarter worth approximately $1,990,000. Institutional investors own 95.53% of the company’s stock.

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.