Planet Fitness (NYSE:PLNT) Reaches New 52-Week High - Should You Buy?

Shares of Planet Fitness, Inc. (NYSE:PLNT - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $104.46 and last traded at $104.03, with a volume of 144403 shares traded. The stock had previously closed at $101.55.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Robert W. Baird upped their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Macquarie reiterated a "neutral" rating and issued a $99.00 target price (up previously from $91.00) on shares of Planet Fitness in a report on Friday, November 8th. Raymond James boosted their target price on Planet Fitness from $92.00 to $110.00 and gave the company a "strong-buy" rating in a research report on Friday, November 8th. Morgan Stanley raised their price target on Planet Fitness from $84.00 to $89.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 29th. Finally, Piper Sandler boosted their price objective on Planet Fitness from $115.00 to $123.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $96.13.

Planet Fitness Stock Up 3.0 %

The firm has a market cap of $8.85 billion, a P/E ratio of 56.23, a price-to-earnings-growth ratio of 3.33 and a beta of 1.52. The business's 50 day moving average is $98.65 and its 200-day moving average is $85.84.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. The firm had revenue of $292.20 million during the quarter, compared to analyst estimates 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 for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 earnings per share. As a group, equities analysts predict that Planet Fitness, Inc. will post 2.5 earnings per share for the current year.

Insider Activity at Planet Fitness

In other news, insider Jennifer Simmons sold 11,453 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the sale, the insider now owns 19,110 shares in the company, valued at approximately $1,838,382. This represents a 37.47 % decrease in their position. The sale was disclosed in a legal 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 institutional investors and hedge funds have recently added to or reduced their stakes in PLNT. V Square Quantitative Management LLC grew its position in Planet Fitness by 69.8% during the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company's stock valued at $40,000 after purchasing an additional 201 shares in the last quarter. Quarry LP raised its holdings in shares of Planet Fitness by 174.7% during the second quarter. Quarry LP now owns 500 shares of the company's stock worth $37,000 after acquiring an additional 318 shares in the last quarter. GAMMA Investing LLC increased its position in Planet Fitness by 396.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,898 shares of the company's stock worth $154,000 after purchasing an additional 1,516 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Planet Fitness during the 4th quarter worth about $240,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Planet Fitness during the 3rd quarter valued at about $200,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

About Planet Fitness

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.