Trade Report: Today, Brokerages Set Planet Fitness Inc. (PLNT) Target Price at $22.35

Today, Brokerages Set Planet Fitness Inc. (PLNT) Target Price at $22.35

Shares of Planet Fitness Inc. (NYSE:PLNT) have received a consensus recommendation of “Buy” from the twelve brokerages that are currently covering the stock. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $22.35.

A number of equities research analysts recently issued reports on PLNT shares. Jefferies Group reiterated a “buy” rating and set a $26.00 target price (up previously from $25.00) on shares of Planet Fitness in a research report on Friday, August 12th. Zacks Investment Research upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Tuesday, August 16th. Wedbush reiterated an “outperform” rating and set a $23.00 target price (up previously from $21.00) on shares of Planet Fitness in a research report on Thursday, August 11th. Credit Suisse Group AG reiterated an “outperform” rating and set a $19.00 target price on shares of Planet Fitness in a research report on Monday, June 27th. Finally, Imperial Capital increased their target price on shares of Planet Fitness from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, August 15th.

In related news, insider Richard L. Moore sold 8,200 shares of Planet Fitness stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $21.00, for a total transaction of $172,200.00. Following the transaction, the insider now owns 8,200 shares of the company’s stock, valued at approximately $172,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher Rondeau sold 20,000 shares of Planet Fitness stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $19.76, for a total transaction of $395,200.00. The disclosure for this sale can be found here. Insiders own 32.39% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Advisors LLC raised its position in Planet Fitness by 3.2% in the second quarter. BlackRock Advisors LLC now owns 7,732 shares of the company’s stock valued at $146,000 after buying an additional 240 shares during the last quarter. American International Group Inc. raised its position in Planet Fitness by 3.3% in the second quarter. American International Group Inc. now owns 9,045 shares of the company’s stock valued at $171,000 after buying an additional 288 shares during the last quarter. Fortaleza Asset Management Inc. raised its position in Planet Fitness by 61.9% in the second quarter. Fortaleza Asset Management Inc. now owns 9,900 shares of the company’s stock valued at $187,000 after buying an additional 3,785 shares during the last quarter. Nationwide Fund Advisors raised its position in Planet Fitness by 4.6% in the second quarter. Nationwide Fund Advisors now owns 10,261 shares of the company’s stock valued at $194,000 after buying an additional 452 shares during the last quarter. Finally, First Mercantile Trust Co. purchased a new position in Planet Fitness during the third quarter valued at $205,000. 83.49% of the stock is currently owned by institutional investors and hedge funds.

Shares of Planet Fitness (NYSE:PLNT) opened at 19.51 on Wednesday. The company has a 50 day moving average of $20.31 and a 200 day moving average of $18.75. Planet Fitness has a 12 month low of $13.23 and a 12 month high of $23.41. The stock’s market cap is $867.98 million.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Thursday, August 11th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The business earned $91.50 million during the quarter, compared to analysts’ expectations of $78.95 million. Planet Fitness had a net margin of 1.74% and a return on equity of 2,244.54%. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter last year, the company posted $0.13 EPS. Equities research analysts expect that Planet Fitness will post $0.47 earnings per share for the current fiscal year.

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