Planet Fitness (NYSE:PLNT) Shares Gap Down – What’s Next?

Shares of Planet Fitness, Inc. (NYSE:PLNT) gapped down prior to trading on Tuesday . The stock had previously closed at $99.24, but opened at $92.27. Planet Fitness shares last traded at $91.06, with a volume of 641,209 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PLNT shares. Royal Bank of Canada reiterated an “outperform” rating and set a $120.00 price objective on shares of Planet Fitness in a research report on Monday. Robert W. Baird lifted their price target on Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Macquarie reissued a “neutral” rating and issued a $99.00 price objective (up previously from $91.00) on shares of Planet Fitness in a report on Friday, November 8th. Morgan Stanley lifted their target price on shares of Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 29th. Finally, Stifel Nicolaus raised their price target on shares of Planet Fitness from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, January 17th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Planet Fitness currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.69.

Planet Fitness Price Performance

The stock’s 50 day simple moving average is $102.82 and its 200-day simple moving average is $92.17. The company has a market capitalization of $7.70 billion, a PE ratio of 48.97, a price-to-earnings-growth ratio of 2.45 and a beta of 1.53.

Planet Fitness (NYSE:PLNT) last released its earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.08. The company had revenue of $340.50 million for the quarter, compared to analyst estimates of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The firm’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS. On average, equities analysts predict that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PLNT. Tidal Investments LLC grew its position in shares of Planet Fitness by 132.5% during the third quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock worth $2,352,000 after buying an additional 16,503 shares in the last quarter. State Street Corp lifted its stake in Planet Fitness by 1.5% in the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock worth $205,061,000 after acquiring an additional 37,236 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Planet Fitness during the 3rd quarter worth approximately $604,000. Nkcfo LLC purchased a new stake in shares of Planet Fitness in the 4th quarter valued at approximately $1,088,000. Finally, Artemis Investment Management LLP acquired a new stake in shares of Planet Fitness in the 4th quarter valued at $18,767,000. 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.