Planet Fitness (NYSE:PLNT) Coverage Initiated at Canaccord Genuity Group

Research analysts at Canaccord Genuity Group started coverage on shares of Planet Fitness (NYSE:PLNT) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $120.00 price target on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 28.27% from the company’s previous close.

A number of other equities research analysts have also weighed in on PLNT. Guggenheim reiterated a “buy” rating and issued a $105.00 price objective on shares of Planet Fitness in a research report on Thursday, February 27th. Piper Sandler lifted their price target on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada restated an “outperform” rating and issued a $120.00 price objective on shares of Planet Fitness in a report on Monday, February 24th. Roth Mkm reaffirmed a “buy” rating and issued a $115.00 target price (up from $110.00) on shares of Planet Fitness in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus cut their price objective on Planet Fitness from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Friday, February 28th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Planet Fitness has an average rating of “Moderate Buy” and an average price target of $100.17.

Planet Fitness Stock Performance

Shares of PLNT stock opened at $93.55 on Thursday. The company has a market capitalization of $7.92 billion, a P/E ratio of 50.30, a PEG ratio of 2.45 and a beta of 1.54. Planet Fitness has a fifty-two week low of $54.35 and a fifty-two week high of $110.00. The stock has a 50 day moving average price of $101.29 and a two-hundred day moving average price of $93.24.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results 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 analyst estimates of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The firm’s revenue was up 19.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 EPS. As a group, equities analysts predict that Planet Fitness will post 2.51 earnings per share for the current year.

Hedge Funds Weigh In On Planet Fitness

A number of hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC lifted its holdings 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 valued at $2,352,000 after purchasing an additional 16,503 shares in the last quarter. AMJ Financial Wealth Management bought a new position in Planet Fitness during the 4th quarter valued at about $495,000. 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 acquiring an additional 37,236 shares during the last quarter. Nkcfo LLC bought a new stake in shares of Planet Fitness in the fourth quarter worth approximately $1,088,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Planet Fitness during the third quarter valued at approximately $604,000. 95.53% of the stock is currently 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.