Planet Fitness, Inc. (NYSE:PLNT) Receives Consensus Rating of “Buy” from Brokerages

Shares of Planet Fitness, Inc. (NYSE:PLNT) have been given a consensus recommendation of “Buy” by the fifteen research firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $122.2727.

Several brokerages recently issued reports on PLNT. William Blair reissued an “outperform” rating on shares of Planet Fitness in a research note on Tuesday, January 13th. Canaccord Genuity Group increased their price target on Planet Fitness from $139.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Stifel Nicolaus lifted their price objective on Planet Fitness from $125.00 to $130.00 and gave the company a “buy” rating in a report on Friday, November 14th. UBS Group reaffirmed a “buy” rating on shares of Planet Fitness in a research note on Friday, January 9th. Finally, Guggenheim upgraded shares of Planet Fitness to a “strong-buy” rating in a report on Wednesday, December 10th.

Hedge Funds Weigh In On Planet Fitness

Several institutional investors have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. lifted its holdings in Planet Fitness by 1.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 9,236,173 shares of the company’s stock worth $1,001,848,000 after buying an additional 149,503 shares during the period. SRS Investment Management LLC raised its position in shares of Planet Fitness by 4.5% in the 4th quarter. SRS Investment Management LLC now owns 4,877,578 shares of the company’s stock worth $529,071,000 after acquiring an additional 212,145 shares in the last quarter. Ninety One UK Ltd raised its position in shares of Planet Fitness by 20.0% in the 3rd quarter. Ninety One UK Ltd now owns 3,461,543 shares of the company’s stock worth $359,308,000 after acquiring an additional 577,637 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Planet Fitness by 15.0% during the 2nd quarter. Invesco Ltd. now owns 2,543,501 shares of the company’s stock worth $277,369,000 after purchasing an additional 332,362 shares during the last quarter. Finally, Dorsal Capital Management LP boosted its position in Planet Fitness by 7.6% during the second quarter. Dorsal Capital Management LP now owns 2,475,000 shares of the company’s stock valued at $269,899,000 after purchasing an additional 175,000 shares in the last quarter. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Price Performance

Shares of PLNT stock opened at $90.63 on Wednesday. The company has a market capitalization of $7.55 billion, a P/E ratio of 36.99, a P/E/G ratio of 1.38 and a beta of 1.26. The company’s 50-day simple moving average is $99.76 and its two-hundred day simple moving average is $101.60. Planet Fitness has a one year low of $87.44 and a one year high of $114.47.

Planet Fitness Company Profile

Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.

The company operates through a network of franchised and company-owned clubs.