Planet Fitness (NYSE:PLNT) Stock Price Up 8.8%

Planet Fitness Inc (NYSE:PLNT) rose 8.8% during mid-day trading on Wednesday . The stock traded as high as $47.21 and last traded at $50.30, approximately 174,655 shares were traded during trading. A decline of 96% from the average daily volume of 4,088,271 shares. The stock had previously closed at $46.23.

PLNT has been the topic of several analyst reports. Cowen reduced their price target on shares of Planet Fitness from $95.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday. Jefferies Financial Group increased their price target on shares of Planet Fitness from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Robert W. Baird reiterated an “outperform” rating and set a $95.00 price target (up previously from $90.00) on shares of Planet Fitness in a research report on Wednesday, February 26th. Wedbush increased their price target on shares of Planet Fitness from $69.00 to $77.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 26th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $90.00 price target on shares of Planet Fitness in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $81.85.

The firm has a market cap of $4.03 billion, a P/E ratio of 37.41, a P/E/G ratio of 1.29 and a beta of 0.84. The company’s 50 day moving average is $67.07 and its 200 day moving average is $68.68.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.03. The business had revenue of $191.51 million during the quarter, compared to the consensus estimate of $188.75 million. Planet Fitness had a net margin of 17.09% and a negative return on equity of 32.33%. As a group, research analysts anticipate that Planet Fitness Inc will post 1.83 EPS for the current fiscal year.

In other Planet Fitness news, CEO Christopher Rondeau purchased 20,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was purchased at an average price of $63.57 per share, with a total value of $1,271,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Dorvin D. Lively purchased 10,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were acquired at an average cost of $49.93 per share, with a total value of $499,300.00. Following the purchase, the president now directly owns 44,007 shares of the company’s stock, valued at approximately $2,197,269.51. The disclosure for this purchase can be found here. In the last three months, insiders purchased 92,000 shares of company stock valued at $5,384,710. 14.52% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Pelham Capital Ltd. raised its stake in shares of Planet Fitness by 38.7% during the fourth quarter. Pelham Capital Ltd. now owns 2,225,088 shares of the company’s stock valued at $166,170,000 after acquiring an additional 621,011 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Planet Fitness during the fourth quarter worth $112,085,000. Blair William & Co. IL increased its position in shares of Planet Fitness by 6.7% during the fourth quarter. Blair William & Co. IL now owns 1,127,707 shares of the company’s stock worth $84,217,000 after buying an additional 70,324 shares during the period. Victory Capital Management Inc. increased its position in shares of Planet Fitness by 18.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,035,199 shares of the company’s stock worth $83,634,000 after buying an additional 159,071 shares during the period. Finally, Artemis Investment Management LLP increased its position in shares of Planet Fitness by 2.0% during the fourth quarter. Artemis Investment Management LLP now owns 971,462 shares of the company’s stock worth $71,974,000 after buying an additional 19,514 shares during the period. 93.65% of the stock is owned by hedge funds and other institutional investors.

About Planet Fitness (NYSE:PLNT)

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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