Macquarie Cuts Planet Fitness (NYSE:PLNT) Price Target to $95.00

Planet Fitness (NYSE:PLNT) had its price objective trimmed by Macquarie from $99.00 to $95.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other analysts also recently issued reports on the stock. Robert W. Baird increased their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Roth Mkm reaffirmed a “buy” rating and set a $115.00 price objective (up from $110.00) on shares of Planet Fitness in a report on Wednesday. Piper Sandler lifted their target price on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Royal Bank of Canada restated an “outperform” rating and set a $120.00 price target on shares of Planet Fitness in a research report on Monday. Finally, JPMorgan Chase & Co. lifted their price objective on Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.47.

Planet Fitness Price Performance

Shares of Planet Fitness stock opened at $91.56 on Thursday. The stock has a market cap of $7.75 billion, a PE ratio of 49.22, a price-to-earnings-growth ratio of 2.45 and a beta of 1.53. The firm has a fifty day moving average price of $102.28 and a 200 day moving average price of $92.23. Planet Fitness has a 1 year low of $54.35 and a 1 year high of $110.00.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.08. The company had revenue of $340.50 million for the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period last year, the firm earned $0.60 EPS. As a group, equities analysts expect that Planet Fitness will post 2.51 EPS for the current year.

Hedge Funds Weigh In On Planet Fitness

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. increased its stake in shares of Planet Fitness by 48.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company’s stock worth $782,169,000 after acquiring an additional 2,570,826 shares during the last quarter. Ninety One UK Ltd acquired a new stake in Planet Fitness during the fourth quarter worth about $130,376,000. Norges Bank purchased a new position in Planet Fitness during the fourth quarter worth about $100,009,000. FMR LLC boosted its holdings in Planet Fitness by 666.9% in the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after purchasing an additional 691,761 shares during the last quarter. Finally, Nomura Holdings Inc. grew its stake in shares of Planet Fitness by 103.4% in the 4th quarter. Nomura Holdings Inc. now owns 11,170 shares of the company’s stock valued at $1,104,000 after buying an additional 340,370 shares during the period. Institutional investors and hedge funds own 95.53% of the company’s stock.

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.