Planet Fitness, Inc. (PLNT) Hits New 52-Week High on Earnings Beat
Shares of Planet Fitness, Inc. (NYSE:PLNT) hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $25.14 and last traded at $24.98, with a volume of 7,002,560 shares traded. The stock had previously closed at $23.04.
The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.03. The business had revenue of $107.31 million during the quarter, compared to the consensus estimate of $101.99 million. Planet Fitness had a negative return on equity of 79.66% and a net margin of 6.99%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 EPS.
PLNT has been the subject of several research analyst reports. BidaskClub raised Planet Fitness from a “sell” rating to a “hold” rating in a research note on Friday, June 16th. Zacks Investment Research downgraded Planet Fitness from a “buy” rating to a “hold” rating in a research note on Thursday. Roth Capital set a $23.00 price objective on Planet Fitness and gave the company a “buy” rating in a research note on Thursday. Jefferies Group LLC increased their price objective on Planet Fitness from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, May 3rd. Finally, Imperial Capital increased their price objective on Planet Fitness from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Thursday, May 4th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $25.09.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. bought a new stake in shares of Planet Fitness during the first quarter worth about $136,000. Fortaleza Asset Management Inc. increased its stake in shares of Planet Fitness by 57.9% in the second quarter. Fortaleza Asset Management Inc. now owns 7,830 shares of the company’s stock worth $183,000 after buying an additional 2,870 shares during the period. FNY Partners Fund LP bought a new stake in shares of Planet Fitness during the first quarter worth about $154,000. Trellus Management Company LLC bought a new stake in shares of Planet Fitness during the second quarter worth about $233,000. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Planet Fitness by 412.9% in the second quarter. BNP Paribas Arbitrage SA now owns 10,093 shares of the company’s stock worth $236,000 after buying an additional 8,125 shares during the period. 94.72% of the stock is owned by hedge funds and other institutional investors.
The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of 46.38 and a beta of 0.90. The stock has a 50 day moving average price of $23.17 and a 200 day moving average price of $21.28.
About Planet Fitness
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise; Corporate-owned stores, and Equipment. The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.
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