Planet Fitness (NYSE:PLNT) Sees Unusually-High Trading Volume

Planet Fitness, Inc. (NYSE:PLNT) saw strong trading volume on Thursday . 974,178 shares traded hands during mid-day trading, a decline of 42% from the previous session’s volume of 1,666,102 shares.The stock last traded at $65.44 and had previously closed at $61.85.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Piper Sandler raised their price target on Planet Fitness from $88.00 to $89.00 and gave the company an “overweight” rating in a report on Thursday, January 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $79.00 price objective on shares of Planet Fitness in a research note on Monday, April 1st. Royal Bank of Canada increased their price objective on shares of Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. DA Davidson reaffirmed a “neutral” rating and set a $62.00 target price on shares of Planet Fitness in a research report on Monday, February 5th. Finally, JPMorgan Chase & Co. decreased their price objective on Planet Fitness from $75.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, February 26th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.21.

Planet Fitness Stock Performance

The stock has a market cap of $5.96 billion, a price-to-earnings ratio of 40.78, a PEG ratio of 1.93 and a beta of 1.37. The company has a 50-day moving average of $61.42 and a 200-day moving average of $65.21.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The firm had revenue of $285.10 million during the quarter, compared to analysts’ expectations of $282.35 million. During the same quarter last year, the business earned $0.53 earnings per share. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, equities research analysts forecast that Planet Fitness, Inc. will post 2.48 EPS for the current year.

Hedge Funds Weigh In On Planet Fitness

A number of hedge funds have recently made changes to their positions in PLNT. Allworth Financial LP grew its stake in shares of Planet Fitness by 247.6% during the fourth quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after acquiring an additional 255 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in Planet Fitness in the first quarter worth $27,000. McGlone Suttner Wealth Management Inc. acquired a new stake in shares of Planet Fitness during the fourth quarter worth $47,000. Covestor Ltd boosted its stake in Planet Fitness by 19.5% in the third quarter. Covestor Ltd now owns 1,460 shares of the company’s stock valued at $72,000 after acquiring an additional 238 shares during the period. Finally, Asset Management One Co. Ltd. grew its holdings in shares of Planet Fitness by 17.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock valued at $73,000 after purchasing an additional 148 shares during the last quarter. 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.