Planet Fitness (NYSE:PLNT) Hits New 1-Year High – Here’s Why

Shares of Planet Fitness, Inc. (NYSE:PLNT) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $108.10 and last traded at $108.06, with a volume of 1467716 shares. The stock had previously closed at $104.46.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Planet Fitness from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday. DA Davidson reiterated a “neutral” rating and set a $87.00 price objective on shares of Planet Fitness in a research note on Tuesday. Raymond James upped their price objective on Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 8th. Macquarie reiterated a “neutral” rating and set a $99.00 price objective (up previously from $91.00) on shares of Planet Fitness in a research note on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Planet Fitness in a research note on Friday, September 27th. They set a “hold” rating and a $71.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Planet Fitness presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.69.

Planet Fitness Trading Up 3.4 %

The stock has a market cap of $9.14 billion, a P/E ratio of 58.09, a PEG ratio of 2.58 and a beta of 1.52. The firm has a 50-day simple moving average of $100.20 and a two-hundred day simple moving average of $86.96.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. The company had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. Planet Fitness’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.59 EPS. Sell-side analysts predict that Planet Fitness, Inc. will post 2.5 earnings per share for the current year.

Insider Transactions at Planet Fitness

In related news, insider Jennifer Simmons sold 11,453 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the transaction, the insider now directly owns 19,110 shares of the company’s stock, valued at $1,838,382. This represents a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP boosted its stake in Planet Fitness by 174.7% during the second quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 318 shares in the last quarter. UMB Bank n.a. boosted its stake in Planet Fitness by 67.4% during the fourth quarter. UMB Bank n.a. now owns 390 shares of the company’s stock worth $39,000 after acquiring an additional 157 shares in the last quarter. V Square Quantitative Management LLC boosted its stake in Planet Fitness by 69.8% during the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after acquiring an additional 201 shares in the last quarter. GAMMA Investing LLC boosted its stake in Planet Fitness by 396.9% during the third quarter. GAMMA Investing LLC now owns 1,898 shares of the company’s stock worth $154,000 after acquiring an additional 1,516 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in shares of Planet Fitness in the second quarter valued at $200,000. 95.53% of the stock is owned by institutional investors.

About Planet Fitness

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.