Planet Fitness (NYSE:PLNT) Given New $72.00 Price Target at TD Cowen

Posted by on Aug 9th, 2023

Planet Fitness (NYSE:PLNT – Free Report) had its target price decreased by TD Cowen from $80.00 to $72.00 in a research report report published on Tuesday morning, Benzinga reports. TD Cowen currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the company. VNET Group reaffirmed a maintains rating on shares of Planet Fitness in a research note on Friday, May 5th. DA Davidson lowered their price objective on Planet Fitness from $67.00 to $66.00 and set a neutral rating for the company in a research report on Friday, August 4th. Piper Sandler lowered their price target on shares of Planet Fitness from $96.00 to $88.00 in a report on Thursday, June 22nd. StockNews.com began coverage on shares of Planet Fitness in a research note on Thursday, May 18th. They issued a hold rating on the stock. Finally, Bank of America lowered their target price on shares of Planet Fitness from $95.00 to $80.00 and set a buy rating for the company in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $81.29.

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Planet Fitness Stock Down 0.6 %

Planet Fitness stock opened at $61.46 on Tuesday. The stock has a market cap of $5.48 billion, a PE ratio of 41.81, a P/E/G ratio of 0.95 and a beta of 1.29. Planet Fitness has a 12-month low of $54.15 and a 12-month high of $85.90. The business’s 50-day moving average price is $67.10 and its two-hundred day moving average price is $73.57.

Planet Fitness (NYSE:PLNT – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.11. The company had revenue of $286.50 million for the quarter, compared to analyst estimates of $251.99 million. Planet Fitness had a net margin of 12.03% and a negative return on equity of 87.12%. The firm’s revenue was up 27.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 EPS. As a group, analysts expect that Planet Fitness will post 2.18 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PLNT. Fifth Third Bancorp grew its holdings in Planet Fitness by 2.4% during the first quarter. Fifth Third Bancorp now owns 5,671 shares of the company’s stock worth $440,000 after buying an additional 133 shares in the last quarter. Campbell Newman Asset Management Inc. grew its stake in shares of Planet Fitness by 1.0% in the 1st quarter. Campbell Newman Asset Management Inc. now owns 14,041 shares of the company’s stock worth $1,091,000 after acquiring an additional 133 shares in the last quarter. Xponance Inc. raised its holdings in shares of Planet Fitness by 1.6% in the first quarter. Xponance Inc. now owns 9,229 shares of the company’s stock valued at $717,000 after purchasing an additional 141 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Planet Fitness by 0.8% in the fourth quarter. Amalgamated Bank now owns 18,349 shares of the company’s stock valued at $1,446,000 after purchasing an additional 149 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in Planet Fitness by 16.0% during the first quarter. Signaturefd LLC now owns 1,086 shares of the company’s stock worth $84,000 after purchasing an additional 150 shares during the last quarter. 95.82% of the stock is owned by institutional investors.

Planet Fitness Company Profile

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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 Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.

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Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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