Planet Fitness Inc (PLNT) Earns Buy Rating from Roth Capital

Planet Fitness Inc (NYSE:PLNT)‘s stock had its “buy” rating reiterated by analysts at Roth Capital in a note issued to investors on Wednesday, May 3rd. They presently have a $23.00 target price on the stock. Roth Capital’s price target indicates a potential upside of 13.86% from the stock’s current price.

Several other equities research analysts have also recently commented on PLNT. Imperial Capital dropped their price objective on Planet Fitness from $26.00 to $24.00 and set an “outperform” rating on the stock in a research report on Thursday, February 2nd. Wedbush downgraded Planet Fitness from an “outperform” rating to a “neutral” rating in a research note on Friday, March 24th. They noted that the move was a valuation call. Robert W. Baird reissued an “outperform” rating and set a $28.00 target price on shares of Planet Fitness in a research note on Thursday, April 6th. Guggenheim reissued a “buy” rating and set a $24.00 target price on shares of Planet Fitness in a research note on Thursday, April 6th. Finally, Zacks Investment Research downgraded Planet Fitness from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $24.15.

Analyst Recommendations for Planet Fitness (NYSE:PLNT)

Planet Fitness (NYSE:PLNT) traded up 2.698% on Wednesday, hitting $20.745. 621,680 shares of the stock traded hands. Planet Fitness has a 1-year low of $16.82 and a 1-year high of $25.10. The stock has a 50-day moving average price of $19.76 and a 200 day moving average price of $20.59. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 38.559 and a beta of 0.91.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, May 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. Planet Fitness had a return on equity of 485.81% and a net margin of 3.65%. The business had revenue of $91.10 million during the quarter, compared to the consensus estimate of $91.33 million. On average, analysts anticipate that Planet Fitness will post $0.47 EPS for the current fiscal year.

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In related news, CEO Christopher Rondeau sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $21.31, for a total transaction of $426,200.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Charles Esserman sold 16,085,510 shares of Planet Fitness stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $20.28, for a total value of $326,214,142.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,305,510 shares of company stock valued at $330,592,343. 32.39% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of Planet Fitness by 226.0% in the first quarter. Bank of New York Mellon Corp now owns 4,878,148 shares of the company’s stock valued at $94,002,000 after buying an additional 3,381,810 shares during the period. Vanguard Group Inc. increased its position in shares of Planet Fitness by 40.6% in the first quarter. Vanguard Group Inc. now owns 4,977,283 shares of the company’s stock valued at $95,913,000 after buying an additional 1,436,427 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Planet Fitness by 54,692.9% in the first quarter. Victory Capital Management Inc. now owns 1,351,742 shares of the company’s stock valued at $26,047,000 after buying an additional 1,349,275 shares in the last quarter. Jennison Associates LLC increased its position in shares of Planet Fitness by 100.8% in the first quarter. Jennison Associates LLC now owns 2,653,219 shares of the company’s stock valued at $51,128,000 after buying an additional 1,331,660 shares in the last quarter. Finally, Loomis Sayles & Co. L P bought a new position in shares of Planet Fitness during the fourth quarter valued at about $25,550,000. 90.78% of the stock is currently owned by institutional investors and hedge funds.

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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