Planet Fitness (NYSE:PLNT) Upgraded to Buy by Jefferies Financial Group

Planet Fitness (NYSE:PLNT – Get Free Report) was upgraded by investment analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued on Monday, Briefing.com reports. The firm currently has a $100.00 price target on the stock, up from their prior price target of $62.00. Jefferies Financial Group’s target price would suggest a potential upside of 46.91% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Stifel Nicolaus lowered Planet Fitness from a “buy” rating to a “hold” rating and reduced their price objective for the company from $80.00 to $70.00 in a research report on Friday, May 10th. Raymond James increased their target price on Planet Fitness from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, May 10th. Robert W. Baird increased their target price on Planet Fitness from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday, May 10th. Royal Bank of Canada cut their target price on Planet Fitness from $80.00 to $77.00 and set an “outperform” rating on the stock in a research note on Friday, May 10th. Finally, StockNews.com upgraded Planet Fitness from a “sell” rating to a “hold” rating in a research note on Wednesday, May 8th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $75.00.

View Our Latest Analysis on PLNT

Planet Fitness Price Performance

Shares of PLNT stock opened at $68.07 on Monday. The stock has a market capitalization of $6.00 billion, a PE ratio of 39.12, a P/E/G ratio of 2.29 and a beta of 1.43. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $75.86. The business has a 50-day moving average of $62.68 and a 200 day moving average of $66.00.

Planet Fitness (NYSE:PLNT – Get Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. The business had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $249.48 million. During the same quarter last year, the business posted $0.41 EPS. The business’s revenue was up 11.6% on a year-over-year basis. Analysts anticipate that Planet Fitness will post 2.42 EPS for the current year.

Institutional Investors Weigh In On Planet Fitness

Several large investors have recently added to or reduced their stakes in the stock. Cetera Advisors LLC boosted its position in shares of Planet Fitness by 568.8% during the first quarter. Cetera Advisors LLC now owns 25,320 shares of the company’s stock valued at $1,586,000 after buying an additional 21,534 shares during the period. Cetera Investment Advisers boosted its position in shares of Planet Fitness by 74.5% during the first quarter. Cetera Investment Advisers now owns 58,699 shares of the company’s stock valued at $3,676,000 after buying an additional 25,054 shares during the period. Virtu Financial LLC boosted its position in shares of Planet Fitness by 72.2% during the first quarter. Virtu Financial LLC now owns 5,611 shares of the company’s stock valued at $351,000 after buying an additional 2,352 shares during the period. Tidal Investments LLC boosted its position in shares of Planet Fitness by 71.3% during the first quarter. Tidal Investments LLC now owns 4,941 shares of the company’s stock valued at $309,000 after buying an additional 2,056 shares during the period. Finally, Ionic Capital Management LLC purchased a new position in shares of Planet Fitness during the first quarter valued at approximately $814,000. 95.53% of the stock is owned by institutional investors.

About Planet Fitness

(Get Free Report)

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

Further Reading

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