Raymond James Issues Positive Forecast for Planet Fitness (NYSE:PLNT) Stock Price

Planet Fitness (NYSE:PLNT - Get Free Report) had its price target lifted by Raymond James from $92.00 to $110.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "strong-buy" rating on the stock. Raymond James' price target would suggest a potential upside of 15.42% from the company's previous close.

PLNT has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted 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. Piper Sandler upped their price objective on Planet Fitness from $80.00 to $89.00 and gave the stock an "overweight" rating in a research report on Thursday, July 11th. BMO Capital Markets reissued an "outperform" rating and set a $87.00 target price (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. Macquarie reaffirmed a "neutral" rating and issued a $99.00 price target (up from $91.00) on shares of Planet Fitness in a report on Friday. Finally, BNP Paribas upgraded shares of Planet Fitness from a "neutral" rating to an "outperform" rating and set a $97.00 price target on the stock in a research note on Thursday, September 5th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $91.81.

Planet Fitness Stock Performance

PLNT stock traded up $1.13 during mid-day trading on Friday, reaching $95.30. The company had a trading volume of 1,981,655 shares, compared to its average volume of 1,555,188. Planet Fitness has a fifty-two week low of $54.35 and a fifty-two week high of $98.59. The company has a market capitalization of $8.12 billion, a price-to-earnings ratio of 52.36, a price-to-earnings-growth ratio of 2.84 and a beta of 1.49. The firm has a fifty day simple moving average of $81.75 and a 200 day simple moving average of $74.78.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued 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. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The firm had revenue of $292.20 million for the quarter, compared to analysts' expectations of $283.79 million. During the same quarter last year, the company earned $0.59 earnings per share. The firm's revenue was up 5.3% compared to the same quarter last year. As a group, analysts predict that Planet Fitness will post 2.43 earnings per share for the current year.

Institutional Investors Weigh In On Planet Fitness

Institutional investors have recently added to or reduced their stakes in the business. Hilton Capital Management LLC acquired a new stake in shares of Planet Fitness in the 3rd quarter valued at approximately $1,688,000. Premier Fund Managers Ltd purchased a new position in Planet Fitness in the third quarter worth $775,000. Quest Partners LLC raised its position in Planet Fitness by 126.0% in the third quarter. Quest Partners LLC now owns 9,504 shares of the company's stock worth $772,000 after acquiring an additional 5,298 shares in the last quarter. Natixis Advisors LLC acquired a new stake in Planet Fitness in the third quarter valued at $855,000. Finally, ING Groep NV purchased a new stake in shares of Planet Fitness during the 3rd quarter worth $1,568,000. Hedge funds and other institutional investors own 95.53% 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 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.