JPMorgan Chase & Co. Raises Planet Fitness (NYSE:PLNT) Price Target to $90.00

by · The Markets Daily

Planet Fitness (NYSE:PLNT – Get Free Report) had its price target hoisted by investment analysts at JPMorgan Chase & Co. from $80.00 to $90.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 5.87% from the company’s current price.

Several other research analysts have also commented on the company. Piper Sandler boosted their price target on Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Stifel Nicolaus boosted their target price on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. BNP Paribas raised shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price target for the company in a research report on Thursday, September 5th. Morgan Stanley lifted their price objective on shares of Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 29th. Finally, Bank of America increased their target price on shares of Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Planet Fitness currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.50.

Read Our Latest Report on Planet Fitness

Planet Fitness Trading Up 1.5 %

Shares of Planet Fitness stock traded up $1.44 during trading on Friday, hitting $95.61. 766,852 shares of the stock traded hands, compared to its average volume of 1,549,591. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $98.59. The stock’s fifty day simple moving average is $81.47 and its 200 day simple moving average is $74.53. The firm has a market cap of $8.14 billion, a P/E ratio of 52.55, a price-to-earnings-growth ratio of 2.64 and a beta of 1.49.

Planet Fitness (NYSE:PLNT – Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The business had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. During the same quarter last year, the firm posted $0.59 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities analysts expect that Planet Fitness will post 2.43 EPS for the current year.

Hedge Funds Weigh In On Planet Fitness

A number of institutional investors have recently modified their holdings of PLNT. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Planet Fitness by 26.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,582 shares of the company’s stock valued at $851,000 after acquiring an additional 2,831 shares during the period. BNP Paribas Financial Markets boosted its holdings in Planet Fitness by 228.8% during the first quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock worth $1,445,000 after buying an additional 16,053 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Planet Fitness by 1.1% during the first quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company’s stock valued at $1,026,000 after buying an additional 174 shares during the period. Texas Permanent School Fund Corp increased its holdings in Planet Fitness by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 74,775 shares of the company’s stock valued at $4,683,000 after buying an additional 1,049 shares in the last quarter. Finally, Duality Advisers LP acquired a new position in shares of Planet Fitness in the first quarter worth about $722,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.

About Planet Fitness

(Get Free Report)

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.

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