Planet Fitness (PLNT) Earns Neutral Rating from Bank of America

Planet Fitness (NYSE:PLNT)‘s stock had its “neutral” rating reaffirmed by investment analysts at Bank of America in a research report issued on Thursday, MarketBeat reports. They currently have a $68.00 target price on the stock, up from their prior target price of $62.00. Bank of America’s price objective would suggest a potential upside of 27.20% from the company’s previous close.

A number of other brokerages have also issued reports on PLNT. Imperial Capital upped their price target on shares of Planet Fitness from $45.00 to $55.00 and gave the company an “inline” rating in a research note on Friday, November 9th. Zacks Investment Research upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Saturday, November 10th. Macquarie lowered shares of Planet Fitness from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research note on Monday, November 12th. ValuEngine upgraded shares of Planet Fitness from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 14th. Finally, JPMorgan Chase & Co. lowered shares of Planet Fitness from an “overweight” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a research note on Monday, August 13th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $53.07.

Shares of Planet Fitness stock opened at $53.46 on Thursday. Planet Fitness has a 12-month low of $28.98 and a 12-month high of $58.50. The company has a market cap of $5.49 billion, a price-to-earnings ratio of 63.64, a P/E/G ratio of 2.39 and a beta of 0.77.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Tuesday, November 6th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.04. Planet Fitness had a net margin of 11.22% and a negative return on equity of 95.97%. The business had revenue of $136.66 million for the quarter, compared to analyst estimates of $126.10 million. During the same quarter in the prior year, the business posted $0.19 EPS. Planet Fitness’s revenue for the quarter was up 40.2% compared to the same quarter last year. Equities research analysts expect that Planet Fitness will post 1.2 earnings per share for the current fiscal year.

In other news, CEO Christopher Rondeau sold 80,000 shares of the stock in a transaction on Thursday, October 4th. The shares were sold at an average price of $50.81, for a total value of $4,064,800.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 19.87% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. grew its position in Planet Fitness by 1.8% during the third quarter. American International Group Inc. now owns 58,694 shares of the company’s stock valued at $3,171,000 after buying an additional 1,059 shares during the period. Strs Ohio grew its position in Planet Fitness by 11.6% during the third quarter. Strs Ohio now owns 12,500 shares of the company’s stock valued at $675,000 after buying an additional 1,300 shares during the period. NumerixS Investment Technologies Inc grew its position in Planet Fitness by 47.4% during the second quarter. NumerixS Investment Technologies Inc now owns 5,306 shares of the company’s stock valued at $230,000 after buying an additional 1,706 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in Planet Fitness by 15.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,800 shares of the company’s stock valued at $692,000 after buying an additional 1,725 shares during the period. Finally, Metropolitan Life Insurance Co. NY grew its position in Planet Fitness by 7.0% during the second quarter. Metropolitan Life Insurance Co. NY now owns 28,462 shares of the company’s stock valued at $1,251,000 after buying an additional 1,854 shares during the period. Institutional investors own 90.80% of the company’s stock.

About Planet Fitness

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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Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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