Piper Jaffray Companies Reiterates Overweight Rating for Planet Fitness (NYSE:PLNT)

Piper Jaffray Companies reissued their overweight rating on shares of Planet Fitness (NYSE:PLNT) in a report issued on Monday, December 18th, MarketBeat Ratings reports.

PLNT has been the topic of a number of other research reports. Zacks Investment Research raised Planet Fitness from a hold rating to a buy rating and set a $29.00 target price on the stock in a report on Wednesday, October 11th. Jefferies Group reissued a buy rating and issued a $29.00 target price on shares of Planet Fitness in a report on Thursday, October 19th. Cowen reissued a buy rating and issued a $30.00 target price on shares of Planet Fitness in a report on Friday, November 10th. BidaskClub raised Planet Fitness from a hold rating to a buy rating in a report on Friday, September 22nd. Finally, Imperial Capital upped their price target on Planet Fitness from $28.00 to $33.00 and gave the stock an outperform rating in a research report on Thursday, November 9th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Planet Fitness has an average rating of Buy and an average price target of $32.88.

Shares of Planet Fitness (PLNT) traded up $0.87 during trading hours on Monday, hitting $33.52. The stock had a trading volume of 813,552 shares, compared to its average volume of 1,080,000. The company has a market capitalization of $3,300.00 and a P/E ratio of 50.03. The company has a debt-to-equity ratio of -5.00, a quick ratio of 1.56 and a current ratio of 1.57. Planet Fitness has a 1 year low of $18.32 and a 1 year high of $35.03.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Tuesday, November 7th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. Planet Fitness had a negative return on equity of 44.91% and a net margin of 11.44%. The firm had revenue of $97.50 million for the quarter, compared to the consensus estimate of $93.55 million. During the same period in the prior year, the company posted $0.16 earnings per share. The company’s quarterly revenue was up 12.1% on a year-over-year basis. sell-side analysts expect that Planet Fitness will post 0.82 EPS for the current year.

In other Planet Fitness news, CFO Dorvin D. Lively sold 144,557 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $31.80, for a total transaction of $4,596,912.60. Following the completion of the transaction, the chief financial officer now owns 38,674 shares in the company, valued at approximately $1,229,833.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher Rondeau sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $32.54, for a total value of $1,952,400.00. The disclosure for this sale can be found here. Insiders have sold 1,134,427 shares of company stock valued at $34,941,422 in the last quarter. 19.87% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. grew its holdings in Planet Fitness by 15.9% during the 2nd quarter. Alliancebernstein L.P. now owns 6,892,227 shares of the company’s stock valued at $160,865,000 after buying an additional 943,921 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Planet Fitness by 15.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,611,176 shares of the company’s stock valued at $178,370,000 after buying an additional 902,240 shares in the last quarter. Vanguard Group Inc. grew its holdings in Planet Fitness by 30.2% during the 2nd quarter. Vanguard Group Inc. now owns 6,481,876 shares of the company’s stock valued at $151,286,000 after buying an additional 1,504,593 shares in the last quarter. BlackRock Inc. grew its holdings in Planet Fitness by 108.4% during the 2nd quarter. BlackRock Inc. now owns 4,799,995 shares of the company’s stock valued at $112,033,000 after buying an additional 2,496,984 shares in the last quarter. Finally, Investec Asset Management LTD purchased a new position in Planet Fitness during the 3rd quarter valued at approximately $115,312,000.

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Planet Fitness Company Profile

Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise; Corporate-owned stores, and Equipment. The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.

Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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