Planet Fitness, Inc. (NYSE:PLNT) Rating Lowered to Sell at BidaskClub

BidaskClub downgraded shares of Planet Fitness, Inc. (NYSE:PLNT) from a hold rating to a sell rating in a report published on Tuesday, July 25th.

Several other brokerages have also weighed in on PLNT. Guggenheim restated a buy rating and issued a $24.00 price objective on shares of Planet Fitness in a report on Thursday, April 6th. Robert W. Baird reaffirmed an outperform rating and set a $28.00 target price on shares of Planet Fitness in a report on Thursday, April 6th. Jefferies Group LLC upped their target price on Planet Fitness from $25.00 to $26.00 and gave the company a buy rating in a report on Wednesday, May 3rd. Roth Capital reaffirmed a buy rating and set a $23.00 target price on shares of Planet Fitness in a report on Wednesday, May 3rd. Finally, Imperial Capital upped their target price on Planet Fitness from $24.00 to $25.00 and gave the company an outperform rating in a report on Thursday, May 4th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Planet Fitness has a consensus rating of Buy and an average target price of $26.20.

Shares of Planet Fitness (NYSE PLNT) traded down 2.31% during trading on Tuesday, reaching $24.55. 2,401,579 shares of the company’s stock traded hands. The company has a 50 day moving average price of $23.23 and a 200 day moving average price of $21.34. Planet Fitness has a 1-year low of $18.32 and a 1-year high of $25.19. The stock has a market capitalization of $2.10 billion, a PE ratio of 42.33 and a beta of 0.90.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Wednesday, August 9th. The company reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.03. The business had revenue of $107.31 million during the quarter, compared to analyst estimates of $101.99 million. Planet Fitness had a negative return on equity of 57.01% and a net margin of 8.77%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. On average, equities analysts forecast that Planet Fitness will post $0.47 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geneva Advisors LLC purchased a new position in shares of Planet Fitness during the first quarter valued at $753,000. Jennison Associates LLC raised its position in shares of Planet Fitness by 100.8% in the first quarter. Jennison Associates LLC now owns 2,653,219 shares of the company’s stock valued at $51,128,000 after buying an additional 1,331,660 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Planet Fitness by 11.3% in the first quarter. Wells Fargo & Company MN now owns 818,168 shares of the company’s stock valued at $15,766,000 after buying an additional 82,828 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its position in shares of Planet Fitness by 0.6% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 587,592 shares of the company’s stock valued at $11,323,000 after buying an additional 3,574 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Planet Fitness by 34.8% in the first quarter. State of New Jersey Common Pension Fund D now owns 155,000 shares of the company’s stock valued at $2,987,000 after buying an additional 40,000 shares during the last quarter. 94.72% of the stock is currently owned by institutional investors.

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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