Planet Fitness’ (PLNT) Buy Rating Reiterated at Cowen and Company
Several other brokerages also recently weighed in on PLNT. Zacks Investment Research downgraded Planet Fitness from a buy rating to a hold rating in a research note on Thursday, August 10th. Roth Capital set a $23.00 target price on Planet Fitness and gave the company a buy rating in a research note on Thursday, August 10th. Bank of America Corporation raised their target price on Planet Fitness from $32.00 to $33.00 and gave the company a buy rating in a research note on Wednesday, November 8th. Imperial Capital raised their target price on Planet Fitness from $25.00 to $28.00 and gave the company an outperform rating in a research note on Tuesday, August 15th. Finally, Robert W. Baird restated an outperform rating and set a $31.00 target price (up from $28.00) on shares of Planet Fitness in a research note on Wednesday, October 4th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $29.60.
Shares of Planet Fitness (PLNT) opened at $30.12 on Friday. The company has a debt-to-equity ratio of -5.00, a quick ratio of 1.56 and a current ratio of 1.57. The firm has a market capitalization of $2,962.36, a PE ratio of 37.65, a PEG ratio of 1.96 and a beta of 0.84. Planet Fitness has a 52 week low of $18.32 and a 52 week high of $30.22.
Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, November 7th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.03. The company had revenue of $97.50 million during the quarter, compared to the consensus estimate of $93.55 million. Planet Fitness had a negative return on equity of 44.91% and a net margin of 11.44%. The company’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the firm earned $0.16 earnings per share. sell-side analysts predict that Planet Fitness will post 0.82 EPS for the current fiscal year.
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In other news, CEO Christopher Rondeau sold 20,000 shares of the stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $26.75, for a total transaction of $535,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Richard L. Moore sold 1,640 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $27.00, for a total transaction of $44,280.00. Following the completion of the transaction, the chief accounting officer now directly owns 1,640 shares in the company, valued at approximately $44,280. The disclosure for this sale can be found here. Insiders have sold 91,840 shares of company stock worth $2,433,704 in the last ninety days. Corporate insiders own 19.87% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Dai Ichi Life Insurance Company Ltd bought a new position in Planet Fitness in the third quarter worth about $3,722,000. Axiom International Investors LLC DE lifted its holdings in Planet Fitness by 29.9% in the third quarter. Axiom International Investors LLC DE now owns 393,765 shares of the company’s stock worth $10,624,000 after acquiring an additional 90,658 shares during the last quarter. Legal & General Group Plc lifted its holdings in Planet Fitness by 65.2% in the third quarter. Legal & General Group Plc now owns 34,529 shares of the company’s stock worth $932,000 after acquiring an additional 13,625 shares during the last quarter. American International Group Inc. lifted its holdings in Planet Fitness by 8.1% in the third quarter. American International Group Inc. now owns 56,517 shares of the company’s stock worth $1,525,000 after acquiring an additional 4,225 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its holdings in Planet Fitness by 106.7% in the third quarter. D.A. Davidson & CO. now owns 12,849 shares of the company’s stock worth $346,000 after acquiring an additional 6,632 shares during the last quarter.
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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