Deutsche Bank Aktiengesellschaft Initiates Coverage on Planet Fitness (NYSE:PLNT)

Deutsche Bank Aktiengesellschaft initiated coverage on shares of Planet Fitness (NYSE:PLNT) in a research report sent to investors on Friday morning, Marketbeat reports. The brokerage issued a hold rating and a $71.00 price objective on the stock.

Other equities research analysts also recently issued research reports about the company. Roth Mkm raised their price objective on Planet Fitness from $73.00 to $88.00 and gave the company a buy rating in a research report on Wednesday, August 7th. DA Davidson reiterated a neutral rating and set a $62.00 price objective on shares of Planet Fitness in a research note on Friday, June 14th. Royal Bank of Canada raised their target price on shares of Planet Fitness from $77.00 to $87.00 and gave the company an outperform rating in a research note on Wednesday, August 7th. Piper Sandler lifted their price target on shares of Planet Fitness from $80.00 to $89.00 and gave the stock an overweight rating in a report on Thursday, July 11th. Finally, Morgan Stanley restated an overweight rating and set a $79.00 price objective on shares of Planet Fitness in a report on Friday, June 14th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Planet Fitness currently has an average rating of Moderate Buy and an average target price of $84.93.

Planet Fitness Stock Performance

Shares of NYSE PLNT opened at $81.22 on Friday. Planet Fitness has a 52-week low of $46.50 and a 52-week high of $85.08. The firm has a market capitalization of $6.92 billion, a price-to-earnings ratio of 46.68, a PEG ratio of 2.79 and a beta of 1.49. The stock has a 50 day moving average price of $79.48 and a 200 day moving average price of $70.76.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. The business had revenue of $300.94 million during the quarter, compared to analysts’ expectations of $290.17 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.65 EPS. Analysts forecast that Planet Fitness will post 2.44 earnings per share for the current year.

Insider Activity at Planet Fitness

In other news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total transaction of $497,153.36. Following the sale, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On Planet Fitness

Several hedge funds have recently modified their holdings of the company. LRI Investments LLC boosted its position in Planet Fitness by 61.2% during the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after purchasing an additional 153 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Planet Fitness by 1.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company’s stock valued at $1,026,000 after buying an additional 174 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Planet Fitness by 0.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company’s stock valued at $1,825,000 after buying an additional 200 shares in the last quarter. Diversified Trust Co grew its stake in Planet Fitness by 1.5% in the 1st quarter. Diversified Trust Co now owns 20,564 shares of the company’s stock valued at $1,288,000 after acquiring an additional 308 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Planet Fitness by 478.8% in the 2nd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $28,000 after acquiring an additional 316 shares in the last quarter. 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.