Stifel Nicolaus Trims Planet Fitness (NYSE:PLNT) Target Price to $78.00

Posted by on May 8th, 2023

Planet Fitness (NYSE:PLNT – Get Rating) had its price objective decreased by Stifel Nicolaus from $93.00 to $78.00 in a research report sent to investors on Friday, The Fly reports.

Several other analysts also recently commented on PLNT. DA Davidson reaffirmed a neutral rating and set a $87.00 target price on shares of Planet Fitness in a report on Friday, February 24th. Robert W. Baird decreased their target price on Planet Fitness from $105.00 to $95.00 in a research report on Friday. StockNews.com assumed coverage on Planet Fitness in a report on Thursday, March 16th. They set a hold rating for the company. Raymond James boosted their price target on Planet Fitness from $92.00 to $95.00 and gave the company a strong-buy rating in a research note on Friday, February 24th. Finally, Morgan Stanley increased their price objective on Planet Fitness from $92.00 to $93.00 and gave the stock an overweight rating in a research report on Monday, February 27th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Planet Fitness presently has a consensus rating of Moderate Buy and a consensus price target of $88.33.

Planet Fitness Stock Up 1.8 %

Shares of NYSE PLNT opened at $69.53 on Friday. The business’s 50 day moving average price is $77.60 and its two-hundred day moving average price is $76.75. The company has a market cap of $6.22 billion, a PE ratio of 55.62, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. Planet Fitness has a twelve month low of $54.15 and a twelve month high of $85.90.

Planet Fitness (NYSE:PLNT – Get Rating) last posted its earnings results on Thursday, May 4th. The company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Planet Fitness had a negative return on equity of 68.11% and a net margin of 10.86%. The business had revenue of $222.23 million for the quarter, compared to analyst estimates of $238.30 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The firm’s revenue was up 19.0% compared to the same quarter last year. As a group, research analysts anticipate that Planet Fitness will post 2.2 EPS for the current fiscal year.

Institutional Trading of Planet Fitness

Institutional investors and hedge funds have recently made changes to their positions in the company. Truist Financial Corp increased its stake in Planet Fitness by 13.3% in the first quarter. Truist Financial Corp now owns 55,065 shares of the company’s stock valued at $4,277,000 after acquiring an additional 6,463 shares during the last quarter. Arcadia Investment Management Corp MI raised its holdings in shares of Planet Fitness by 51.8% during the 1st quarter. Arcadia Investment Management Corp MI now owns 3,032 shares of the company’s stock worth $235,000 after buying an additional 1,035 shares in the last quarter. Versor Investments LP bought a new stake in shares of Planet Fitness during the 1st quarter worth $793,000. Premier Fund Managers Ltd acquired a new stake in Planet Fitness in the first quarter valued at about $1,686,000. Finally, Treasurer of the State of North Carolina grew its position in Planet Fitness by 0.7% in the first quarter. Treasurer of the State of North Carolina now owns 36,483 shares of the company’s stock valued at $2,834,000 after acquiring an additional 260 shares during the last quarter. Institutional investors own 94.56% of the company’s stock.

About Planet Fitness

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Planet Fitness, Inc engages in the operation and franchising of fitness centers. It operates through the following 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, Canada, the Dominican Republic, Panama, Mexico, and Australia.

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