Planet Fitness (NYSE:PLNT) Shares Gap Up on Analyst Upgrade

Planet Fitness, Inc. (NYSE:PLNT)’s stock price gapped up prior to trading on Thursday after Morgan Stanley raised their price target on the stock from $119.00 to $123.00. The stock had previously closed at $103.77, but opened at $107.71. Morgan Stanley currently has an overweight rating on the stock. Planet Fitness shares last traded at $108.03, with a volume of 360,782 shares.

PLNT has been the subject of several other research reports. Stifel Nicolaus set a $125.00 price target on Planet Fitness in a report on Thursday, November 6th. JPMorgan Chase & Co. boosted their target price on shares of Planet Fitness from $108.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Planet Fitness in a report on Thursday, August 7th. Macquarie boosted their price objective on shares of Planet Fitness from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Planet Fitness in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Planet Fitness has a consensus rating of “Moderate Buy” and an average price target of $115.77.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PLNT. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Planet Fitness by 6.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,407,128 shares of the company’s stock worth $812,213,000 after purchasing an additional 496,047 shares during the last quarter. Vanguard Group Inc. grew its position in Planet Fitness by 0.8% in the first quarter. Vanguard Group Inc. now owns 8,098,481 shares of the company’s stock worth $782,394,000 after acquiring an additional 62,716 shares during the period. Ninety One UK Ltd increased its stake in Planet Fitness by 20.0% during the third quarter. Ninety One UK Ltd now owns 3,461,543 shares of the company’s stock worth $359,308,000 after acquiring an additional 577,637 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Planet Fitness by 62.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,289,606 shares of the company’s stock valued at $317,810,000 after purchasing an additional 1,268,262 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Planet Fitness by 15.0% in the 2nd quarter. Invesco Ltd. now owns 2,543,501 shares of the company’s stock valued at $277,369,000 after purchasing an additional 332,362 shares during the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

Planet Fitness Stock Up 6.2%

The firm has a 50-day moving average price of $98.79 and a 200 day moving average price of $102.95. The firm has a market capitalization of $9.28 billion, a PE ratio of 44.35, a price-to-earnings-growth ratio of 2.35 and a beta of 1.37.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.72 by $0.08. Planet Fitness had a net margin of 15.97% and a negative return on equity of 126.58%. The business had revenue of $330.35 million during the quarter, compared to the consensus estimate of $323.95 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. Planet Fitness has set its FY 2025 guidance at 3.000-3.030 EPS. Equities research analysts expect that Planet Fitness, Inc. will post 2.51 earnings per share for the current 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.