Morgan Stanley Forecasts Strong Price Appreciation for Planet Fitness (NYSE:PLNT) Stock

Planet Fitness (NYSE:PLNT) had its price target increased by Morgan Stanley from $111.00 to $112.00 in a research report sent to investors on Friday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

PLNT has been the topic of several other research reports. Canaccord Genuity Group initiated coverage on shares of Planet Fitness in a report on Thursday, March 13th. They set a “buy” rating and a $120.00 price objective on the stock. Stifel Nicolaus dropped their target price on shares of Planet Fitness from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Friday, February 28th. Roth Mkm restated a “buy” rating and set a $115.00 price target (up previously from $110.00) on shares of Planet Fitness in a research note on Wednesday, February 26th. BMO Capital Markets raised their price target on shares of Planet Fitness from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, March 31st. Finally, DA Davidson reissued a “neutral” rating and set a $87.00 price objective on shares of Planet Fitness in a report on Tuesday, January 21st. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $103.00.

Planet Fitness Trading Down 3.6%

Shares of PLNT stock opened at $93.54 on Friday. The business’s fifty day simple moving average is $96.30 and its 200-day simple moving average is $97.88. The company has a market cap of $7.92 billion, a PE ratio of 50.29, a PEG ratio of 2.45 and a beta of 1.33. Planet Fitness has a 12-month low of $60.56 and a 12-month high of $110.00.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Thursday, May 8th. The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.03). Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business had revenue of $276.66 million for the quarter, compared to analysts’ expectations of $279.80 million. During the same quarter last year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Planet Fitness will post 2.51 earnings per share for the current year.

Institutional Investors Weigh In On Planet Fitness

Several hedge funds have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. grew its stake in shares of Planet Fitness by 187.6% during the 1st quarter. First Horizon Advisors Inc. now owns 371 shares of the company’s stock worth $36,000 after purchasing an additional 242 shares during the period. R Squared Ltd acquired a new position in shares of Planet Fitness in the 4th quarter valued at $39,000. UMB Bank n.a. boosted its holdings in Planet Fitness by 67.4% during the fourth quarter. UMB Bank n.a. now owns 390 shares of the company’s stock worth $39,000 after buying an additional 157 shares in the last quarter. CoreCap Advisors LLC grew its position in Planet Fitness by 1,250.0% during the fourth quarter. CoreCap Advisors LLC now owns 486 shares of the company’s stock valued at $48,000 after buying an additional 450 shares during the period. Finally, Farther Finance Advisors LLC grew its position in Planet Fitness by 291.0% during the first quarter. Farther Finance Advisors LLC now owns 520 shares of the company’s stock valued at $50,000 after buying an additional 387 shares during the period. 95.53% of the stock is owned by hedge funds and other 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.