Planet Fitness (PLNT) PT Set at $41.00 by Roth Capital
PLNT has been the subject of a number of other reports. Zacks Investment Research cut Planet Fitness from a buy rating to a hold rating in a report on Wednesday, December 27th. Imperial Capital boosted their price target on Planet Fitness from $33.00 to $38.00 and gave the stock an outperform rating in a report on Friday, January 5th. Piper Jaffray Companies reissued a buy rating on shares of Planet Fitness in a report on Tuesday, February 27th. Guggenheim reissued a buy rating on shares of Planet Fitness in a report on Friday, February 23rd. Finally, DA Davidson began coverage on Planet Fitness in a research note on Monday, November 20th. They issued a buy rating for the company. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $36.38.
Planet Fitness (NYSE:PLNT) opened at $37.71 on Thursday. Planet Fitness has a 1-year low of $18.32 and a 1-year high of $38.32. The firm has a market capitalization of $3,709.27, a price-to-earnings ratio of 85.71, a PEG ratio of 1.65 and a beta of 0.56. The company has a debt-to-equity ratio of -5.00, a current ratio of 1.57 and a quick ratio of 1.56.
Planet Fitness declared that its board has approved a stock buyback plan on Thursday, February 22nd that allows the company to repurchase $80.00 million in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
In related news, CFO Dorvin D. Lively sold 105,443 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $31.50, for a total value of $3,321,454.50. Following the completion of the transaction, the chief financial officer now directly owns 67,273 shares in the company, valued at $2,119,099.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher Rondeau sold 120,000 shares of the company’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $34.47, for a total value of $4,136,400.00. The disclosure for this sale can be found here. Insiders sold 688,674 shares of company stock valued at $22,503,951 over the last quarter. Insiders own 19.87% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB acquired a new stake in Planet Fitness during the fourth quarter worth about $283,000. MetLife Investment Advisors LLC acquired a new stake in Planet Fitness during the fourth quarter worth about $1,369,000. Castleark Management LLC increased its stake in Planet Fitness by 50.4% during the fourth quarter. Castleark Management LLC now owns 448,440 shares of the company’s stock worth $15,529,000 after acquiring an additional 150,225 shares during the last quarter. Jane Street Group LLC acquired a new stake in Planet Fitness during the fourth quarter worth about $733,000. Finally, Two Sigma Investments LP increased its stake in Planet Fitness by 234.7% during the fourth quarter. Two Sigma Investments LP now owns 178,380 shares of the company’s stock worth $6,177,000 after acquiring an additional 125,080 shares during the last quarter.
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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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