Planet Fitness (NYSE:PLNT) Price Target Cut to $75.00

Planet Fitness (NYSE:PLNT) had its price objective dropped by analysts at Roth Capital from $86.00 to $75.00 in a report released on Friday, The Fly reports. The firm presently has a “buy” rating on the stock. Roth Capital’s target price would indicate a potential upside of 9.62% from the stock’s previous close.

A number of other equities research analysts also recently commented on the company. ValuEngine downgraded Planet Fitness from a “hold” rating to a “sell” rating in a research report on Tuesday, November 5th. Berenberg Bank cut Planet Fitness from a “buy” rating to a “hold” rating and reduced their target price for the company from $80.00 to $69.00 in a report on Tuesday, September 3rd. Zacks Investment Research cut Planet Fitness from a “hold” rating to a “strong sell” rating and set a $63.00 target price on the stock. in a report on Wednesday. Finally, Imperial Capital upgraded Planet Fitness from an “in-line” rating to an “outperform” rating and set a $72.50 target price on the stock in a report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Planet Fitness currently has a consensus rating of “Buy” and an average price target of $76.50.

Shares of NYSE:PLNT traded up $5.71 during midday trading on Friday, reaching $68.42. The company’s stock had a trading volume of 4,475,984 shares, compared to its average volume of 1,423,953. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 56.08, a price-to-earnings-growth ratio of 1.69 and a beta of 0.63. Planet Fitness has a 1 year low of $48.00 and a 1 year high of $81.90. The business has a 50 day moving average price of $60.22 and a 200 day moving average price of $70.59.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.01. The business had revenue of $166.82 million during the quarter, compared to the consensus estimate of $162.26 million. Planet Fitness had a negative return on equity of 46.45% and a net margin of 16.29%. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.28 earnings per share. Analysts expect that Planet Fitness will post 1.57 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the business. Frontier Wealth Management LLC lifted its stake in shares of Planet Fitness by 4.6% during the second quarter. Frontier Wealth Management LLC now owns 3,670 shares of the company’s stock worth $266,000 after purchasing an additional 160 shares in the last quarter. Landsberg Bennett & Dubbaneh LLC lifted its stake in shares of Planet Fitness by 0.8% during the third quarter. Landsberg Bennett & Dubbaneh LLC now owns 28,800 shares of the company’s stock worth $1,654,000 after purchasing an additional 238 shares in the last quarter. Groesbeck Investment Management Corp NJ lifted its stake in shares of Planet Fitness by 2.8% during the third quarter. Groesbeck Investment Management Corp NJ now owns 9,610 shares of the company’s stock worth $556,000 after purchasing an additional 260 shares in the last quarter. Bank of Montreal Can increased its position in shares of Planet Fitness by 157.1% during the second quarter. Bank of Montreal Can now owns 486 shares of the company’s stock worth $35,000 after acquiring an additional 297 shares during the last quarter. Finally, Zacks Investment Management increased its position in shares of Planet Fitness by 0.5% during the second quarter. Zacks Investment Management now owns 59,612 shares of the company’s stock worth $4,318,000 after acquiring an additional 307 shares during the last quarter. Institutional investors own 88.97% of the company’s stock.

Planet Fitness Company Profile

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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