Planet Fitness (NYSE:PLNT) Sets New 12-Month High – Here’s What Happened

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

Analysts Set New Price Targets

Several brokerages have weighed in on PLNT. BNP Paribas upgraded Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price target for the company in a report on Thursday, September 5th. Raymond James upped their target price on Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research note on Friday, November 8th. Morgan Stanley increased their target price on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 29th. Stifel Nicolaus lifted their price target on Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Planet Fitness in a research report on Friday, September 27th. They issued a “hold” rating and a $71.00 target price on the stock. Five investment 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. Based on data from MarketBeat, Planet Fitness presently has a consensus rating of “Moderate Buy” and an average target price of $93.38.

Planet Fitness Stock Up 1.8 %

The firm’s 50 day moving average is $89.22 and its two-hundred day moving average is $80.55. The stock has a market cap of $8.63 billion, a price-to-earnings ratio of 54.84, a price-to-earnings-growth ratio of 3.31 and a beta of 1.53.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $292.20 million for the quarter, compared to analysts’ expectations of $283.79 million. During the same period in the prior year, the firm earned $0.59 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. On average, analysts anticipate that Planet Fitness, Inc. will post 2.5 EPS for the current fiscal year.

Insider Transactions at Planet Fitness

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $96.20, for a total value of $1,101,778.60. Following the completion of the sale, the insider now directly owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. This represents a 37.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On Planet Fitness

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

About Planet Fitness

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.