Planet Fitness (NYSE:PLNT) Sets New 12-Month High Following Analyst Upgrade

Planet Fitness, Inc. (NYSE:PLNT - Get Free Report) reached a new 52-week high during trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $110.00 to $120.00. Royal Bank of Canada currently has an outperform rating on the stock. Planet Fitness traded as high as $102.90 and last traded at $102.33, with a volume of 519533 shares changing hands. The stock had previously closed at $99.02.

A number of other equities research analysts have also recently issued reports on PLNT. Deutsche Bank Aktiengesellschaft assumed coverage on Planet Fitness in a research note on Friday, September 27th. They set a "hold" rating and a $71.00 price objective on the stock. Macquarie reiterated a "neutral" rating and issued a $99.00 price target (up previously from $91.00) on shares of Planet Fitness in a research note on Friday, November 8th. Bank of America boosted their price target on Planet Fitness from $95.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. JPMorgan Chase & Co. raised their target price on shares of Planet Fitness from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Finally, Raymond James upped their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the company a "strong-buy" rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $94.00.

Insiders Place Their Bets

In related news, insider Jennifer Simmons sold 11,453 shares of the firm's stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total value of $1,101,778.60. Following the completion of the transaction, the insider now directly owns 19,110 shares of the company's stock, valued at approximately $1,838,382. This trade represents a 37.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.94% of the company's stock.

Hedge Funds Weigh In On Planet Fitness

Several hedge funds have recently bought and sold shares of the company. M&T Bank Corp grew its stake in Planet Fitness by 2.6% in the 3rd quarter. M&T Bank Corp now owns 4,947 shares of the company's stock worth $402,000 after buying an additional 124 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in Planet Fitness by 4.5% in the third quarter. Verdence Capital Advisors LLC now owns 3,047 shares of the company's stock valued at $247,000 after acquiring an additional 132 shares during the last quarter. LRI Investments LLC raised its position in Planet Fitness by 61.2% during the second quarter. LRI Investments LLC now owns 403 shares of the company's stock valued at $30,000 after purchasing an additional 153 shares in the last quarter. Creative Planning lifted its stake in Planet Fitness by 2.1% during the third quarter. Creative Planning now owns 9,144 shares of the company's stock worth $743,000 after purchasing an additional 192 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in Planet Fitness by 0.8% during the second quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company's stock worth $1,825,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 95.53% of the company's stock.

Planet Fitness Trading Up 2.9 %

The stock has a market capitalization of $8.62 billion, a PE ratio of 54.77, a PEG ratio of 3.33 and a beta of 1.53. The business has a fifty day moving average price of $90.66 and a 200-day moving average price of $81.64.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.07. The company had revenue of $292.20 million for the quarter, compared to analysts' expectations of $283.79 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The firm's revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.59 EPS. On average, equities analysts anticipate that Planet Fitness, Inc. will post 2.5 earnings per share for the current fiscal year.

Planet Fitness Company Profile

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.