Planet Fitness Inc (PLNT) Receives Average Recommendation of “Buy” from Brokerages

Planet Fitness Inc (NYSE:PLNT) has been given a consensus recommendation of “Buy” by the eleven ratings firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $38.14.

A number of equities analysts have issued reports on PLNT shares. Zacks Investment Research upgraded Planet Fitness from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a research note on Thursday, December 28th. Jefferies Group downgraded Planet Fitness from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Roth Capital set a $36.00 price target on Planet Fitness and gave the company a “buy” rating in a research note on Tuesday, February 20th. Bank of America lifted their price target on Planet Fitness from $39.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Finally, Imperial Capital lifted their price target on Planet Fitness from $33.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, January 5th.

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PLNT stock traded up $0.11 during mid-day trading on Thursday, reaching $38.72. 499,375 shares of the company traded hands, compared to its average volume of 1,147,244. The company has a market capitalization of $3,822.14, a P/E ratio of 46.10, a price-to-earnings-growth ratio of 1.70 and a beta of 0.54. The company has a debt-to-equity ratio of -5.09, a quick ratio of 1.56 and a current ratio of 1.58. Planet Fitness has a fifty-two week low of $18.41 and a fifty-two week high of $40.04.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $134.00 million during the quarter, compared to the consensus estimate of $131.11 million. Planet Fitness had a negative return on equity of 52.97% and a net margin of 7.71%. The company’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 EPS. sell-side analysts forecast that Planet Fitness will post 1.18 earnings per share for the current fiscal year.

Planet Fitness declared that its board has approved a stock buyback program on Thursday, February 22nd that permits the company to buyback $80.00 million in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

In other Planet Fitness news, CEO Christopher Rondeau sold 120,000 shares of Planet Fitness stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $34.47, for a total transaction of $4,136,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 19.87% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of the business. Prudential Financial Inc. bought a new stake in shares of Planet Fitness in the 3rd quarter worth approximately $214,000. New York State Common Retirement Fund raised its holdings in shares of Planet Fitness by 1.9% in the 3rd quarter. New York State Common Retirement Fund now owns 365,959 shares of the company’s stock worth $9,874,000 after purchasing an additional 6,944 shares during the period. American International Group Inc. raised its holdings in shares of Planet Fitness by 8.1% in the 3rd quarter. American International Group Inc. now owns 56,517 shares of the company’s stock worth $1,525,000 after purchasing an additional 4,225 shares during the period. Legal & General Group Plc raised its holdings in shares of Planet Fitness by 65.2% in the 3rd quarter. Legal & General Group Plc now owns 34,529 shares of the company’s stock worth $932,000 after purchasing an additional 13,625 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of Planet Fitness by 16.1% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 398,554 shares of the company’s stock worth $10,753,000 after purchasing an additional 55,337 shares during the period. 98.11% of the stock is currently owned by hedge funds and other institutional investors.

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Planet Fitness Company Profile

Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise; Corporate-owned stores, and Equipment. The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.

Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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