Planet Fitness (PLNT) Lifted to “Strong-Buy” at ValuEngine

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Planet Fitness (NYSE:PLNT) was upgraded by equities researchers at ValuEngine from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Wednesday, ValuEngine reports.

A number of other research firms have also issued reports on PLNT. Piper Jaffray Companies increased their price target on Planet Fitness from $70.00 to $84.00 and gave the company an “overweight” rating in a research report on Monday. They noted that the move was a valuation call. Robert W. Baird reaffirmed an “outperform” rating and issued a $80.00 price target (up previously from $75.00) on shares of Planet Fitness in a research report on Monday. Cowen reaffirmed an “average” rating and issued a $85.00 price target (up previously from $65.00) on shares of Planet Fitness in a research report on Monday. Bank of America reaffirmed a “buy” rating and issued a $86.00 price target (up previously from $72.00) on shares of Planet Fitness in a research report on Wednesday. Finally, Roth Capital increased their price target on Planet Fitness from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 27th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $65.43.

PLNT stock traded down $1.39 during mid-day trading on Wednesday, reaching $73.96. The company had a trading volume of 128,654 shares, compared to its average volume of 1,381,211. The firm has a market capitalization of $6.99 billion, a P/E ratio of 60.46, a P/E/G ratio of 2.65 and a beta of 0.76. Planet Fitness has a fifty-two week low of $36.72 and a fifty-two week high of $77.34.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $148.82 million for the quarter, compared to analyst estimates of $153.41 million. Planet Fitness had a negative return on equity of 67.65% and a net margin of 15.36%. Planet Fitness’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 EPS. On average, equities analysts anticipate that Planet Fitness will post 1.54 earnings per share for the current fiscal year.

In other news, CEO Christopher Rondeau sold 200,000 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $65.86, for a total value of $13,172,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David P. Berg sold 6,291 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $61.73, for a total value of $388,343.43. Following the completion of the transaction, the director now owns 6,615 shares in the company, valued at approximately $408,343.95. The disclosure for this sale can be found here. In the last quarter, insiders sold 466,291 shares of company stock worth $29,813,238. Company insiders own 14.52% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Ffcm LLC purchased a new position in Planet Fitness during the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. grew its stake in Planet Fitness by 99.3% during the 4th quarter. Meeder Asset Management Inc. now owns 570 shares of the company’s stock worth $31,000 after buying an additional 284 shares during the last quarter. Bessemer Group Inc. grew its stake in Planet Fitness by 30.6% during the 4th quarter. Bessemer Group Inc. now owns 1,127 shares of the company’s stock worth $60,000 after buying an additional 264 shares during the last quarter. Quantamental Technologies LLC purchased a new position in Planet Fitness during the 1st quarter worth approximately $73,000. Finally, Comerica Bank purchased a new position in Planet Fitness during the 1st quarter worth approximately $201,000. Hedge funds and other institutional investors own 94.99% of the company’s stock.

About Planet Fitness

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

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Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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