Zacks Investment Research downgraded shares of Planet Fitness (NYSE:PLNT) from a buy rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “Planet Fitness, Inc. franchises and operates fitness centers through its subsidiaries. The company’s operating segments consists of Franchise, Corporate-owned stores and Equipment. It is engaged in licensing and selling franchises under the Planet Fitness trade name, owning and operating fitness centers under the Planet Fitness trade name and selling fitness-related equipment to franchisee-owned stores. Planet Fitness, Inc. is headquartered in Newington, New Hampshire. “
PLNT has been the subject of several other research reports. Bank of America upped their price target on shares of Planet Fitness from $32.00 to $33.00 and gave the stock a buy rating in a research report on Wednesday, November 8th. Imperial Capital upped their price target on shares of Planet Fitness from $25.00 to $28.00 and gave the stock an outperform rating in a research report on Tuesday, August 15th. Robert W. Baird reaffirmed an outperform rating and set a $31.00 price target (up previously from $28.00) on shares of Planet Fitness in a research report on Wednesday, October 4th. BidaskClub raised shares of Planet Fitness from a hold rating to a buy rating in a research report on Friday, September 22nd. Finally, Cowen reaffirmed a buy rating and set a $30.00 price target on shares of Planet Fitness in a research report on Friday, November 10th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $29.60.
Planet Fitness (PLNT) traded up $0.71 during trading hours on Wednesday, hitting $31.83. 1,171,700 shares of the stock were exchanged, compared to its average volume of 1,206,018. The company has a current ratio of 1.57, a quick ratio of 1.56 and a debt-to-equity ratio of -5.00. The firm has a market capitalization of $3,130.00 and a price-to-earnings ratio of 38.90. Planet Fitness has a twelve month low of $18.32 and a twelve month high of $32.92.
Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, November 7th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $97.50 million during the quarter, compared to analyst estimates of $93.55 million. Planet Fitness had a net margin of 11.44% and a negative return on equity of 44.91%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 earnings per share. equities analysts expect that Planet Fitness will post 0.82 earnings per share for the current year.
In other Planet Fitness news, CAO Richard L. Moore sold 364,160 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $29.52, for a total transaction of $10,750,003.20. Following the completion of the sale, the chief accounting officer now directly owns 204,204 shares in the company, valued at $6,028,102.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Christopher Rondeau sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $26.75, for a total transaction of $535,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 888,984 shares of company stock valued at $26,618,767. 19.87% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLNT. GSA Capital Partners LLP boosted its stake in shares of Planet Fitness by 11.7% in the third quarter. GSA Capital Partners LLP now owns 44,555 shares of the company’s stock valued at $1,202,000 after purchasing an additional 4,655 shares during the period. Neuberger Berman Group LLC purchased a new position in shares of Planet Fitness in the third quarter valued at $594,000. Argent Capital Management LLC purchased a new position in shares of Planet Fitness in the third quarter valued at $1,105,000. California Public Employees Retirement System boosted its stake in shares of Planet Fitness by 10.5% in the third quarter. California Public Employees Retirement System now owns 23,200 shares of the company’s stock valued at $626,000 after purchasing an additional 2,200 shares during the period. Finally, Davidson Kempner Capital Management LP boosted its stake in shares of Planet Fitness by 22.5% in the third quarter. Davidson Kempner Capital Management LP now owns 857,585 shares of the company’s stock valued at $23,138,000 after purchasing an additional 157,585 shares during the period.
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Planet Fitness Company Profile
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three 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, the Dominican Republic and Canada.
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