Guggenheim Boosts Planet Fitness (PLNT) Price Target to $57.00

Planet Fitness (NYSE:PLNT) had its target price hoisted by Guggenheim from $55.00 to $57.00 in a research note released on Monday morning. The firm currently has a buy rating on the stock.

A number of other research firms have also recently commented on PLNT. ValuEngine upgraded shares of Planet Fitness from a buy rating to a strong-buy rating in a report on Tuesday, August 14th. Imperial Capital increased their price target on shares of Planet Fitness from $40.00 to $45.00 and gave the company an inline rating in a report on Friday, August 10th. Roth Capital set a $55.00 price target on shares of Planet Fitness and gave the company a buy rating in a report on Saturday, August 11th. Piper Jaffray Companies reiterated a buy rating and set a $60.00 price target on shares of Planet Fitness in a report on Sunday, August 12th. Finally, Cowen reiterated a buy rating and set a $58.00 price target on shares of Planet Fitness in a report on Sunday, August 12th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Planet Fitness currently has a consensus rating of Buy and an average target price of $50.15.

NYSE:PLNT opened at $54.16 on Monday. Planet Fitness has a 52 week low of $25.55 and a 52 week high of $55.35. The company has a debt-to-equity ratio of -7.61, a quick ratio of 2.05 and a current ratio of 2.08. The company has a market cap of $5.29 billion, a PE ratio of 64.48, a PEG ratio of 2.46 and a beta of 0.55.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, August 9th. The company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. Planet Fitness had a net margin of 11.68% and a negative return on equity of 82.89%. The firm had revenue of $140.55 million for the quarter, compared to analysts’ expectations of $130.99 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The business’s revenue for the quarter was up 31.0% on a year-over-year basis. equities analysts predict that Planet Fitness will post 1.13 earnings per share for the current fiscal year.

In related news, CFO Dorvin D. Lively sold 31,893 shares of the stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $50.82, for a total transaction of $1,620,802.26. Following the transaction, the chief financial officer now owns 31,893 shares in the company, valued at $1,620,802.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher Rondeau sold 20,000 shares of the stock in a transaction that occurred on Thursday, July 12th. The shares were sold at an average price of $46.65, for a total transaction of $933,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 598,672 shares of company stock worth $29,964,156. 19.87% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. Verition Fund Management LLC bought a new position in Planet Fitness in the second quarter worth approximately $223,000. NumerixS Investment Technologies Inc raised its position in Planet Fitness by 47.4% in the second quarter. NumerixS Investment Technologies Inc now owns 5,306 shares of the company’s stock worth $230,000 after acquiring an additional 1,706 shares during the period. Global X Management Co LLC raised its position in Planet Fitness by 78.2% in the second quarter. Global X Management Co LLC now owns 5,769 shares of the company’s stock worth $253,000 after acquiring an additional 2,532 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Planet Fitness in the first quarter worth approximately $253,000. Finally, Segall Bryant & Hamill LLC bought a new position in Planet Fitness in the first quarter worth approximately $255,000. Institutional investors own 92.39% of the company’s stock.

Planet Fitness Company Profile

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

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Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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