Guggenheim Reaffirms Buy Rating for Planet Fitness (NYSE:PLNT)

Planet Fitness (NYSE:PLNT)‘s stock had its “buy” rating reissued by analysts at Guggenheim in a research report issued on Thursday,Benzinga reports. They presently have a $105.00 price objective on the stock. Guggenheim’s price objective indicates a potential upside of 13.51% from the company’s current price.

A number of other equities analysts also recently issued reports on the stock. Roth Mkm reissued a “buy” rating and issued a $115.00 price objective (up previously from $110.00) on shares of Planet Fitness in a report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $120.00 price target on shares of Planet Fitness in a research report on Monday, February 24th. Raymond James boosted their price objective on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Robert W. Baird raised their target price on Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Piper Sandler boosted their price target on Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $99.00.

Planet Fitness Price Performance

NYSE PLNT opened at $92.50 on Thursday. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 49.73, a PEG ratio of 2.45 and a beta of 1.53. Planet Fitness has a 1-year low of $54.35 and a 1-year high of $110.00. The business’s fifty day moving average price is $102.28 and its 200-day moving average price is $92.23.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. The company had revenue of $340.50 million during the quarter, compared to analysts’ expectations of $324.57 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. Planet Fitness’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 earnings per share. Equities research analysts anticipate that Planet Fitness will post 2.51 EPS for the current year.

Institutional Investors Weigh In On Planet Fitness

A number of institutional investors have recently added to or reduced their stakes in PLNT. Tidal Investments LLC boosted its position in shares of Planet Fitness by 132.5% during the third quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock worth $2,352,000 after acquiring an additional 16,503 shares during the last quarter. State Street Corp boosted its holdings in shares of Planet Fitness by 1.5% during the 3rd quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after purchasing an additional 37,236 shares during the last quarter. Nkcfo LLC purchased a new position in shares of Planet Fitness during the fourth quarter valued at about $1,088,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Planet Fitness in the third quarter worth about $604,000. Finally, Artemis Investment Management LLP bought a new stake in shares of Planet Fitness in the fourth quarter worth about $18,767,000. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Company Profile

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.