Planet Fitness, Inc. (NYSE:PLNT) Hits New 12-Month High on Earnings Beat
Planet Fitness, Inc. (NYSE:PLNT) shares hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $25.14 and last traded at $24.98, with a volume of 7,002,560 shares changing hands. The stock had previously closed at $23.04.
The company reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.03. Planet Fitness had a net margin of 8.77% and a negative return on equity of 60.67%. The firm had revenue of $107.31 million during the quarter, compared to the consensus estimate of $101.99 million. During the same period in the prior year, the firm earned $0.17 EPS. The company’s revenue was up 17.3% compared to the same quarter last year.
A number of research analysts have recently weighed in on PLNT shares. Zacks Investment Research raised shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Wednesday, July 12th. BidaskClub raised shares of Planet Fitness from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Jefferies Group LLC increased their target price on shares of Planet Fitness from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, May 3rd. Roth Capital reissued a “buy” rating and set a $23.00 target price on shares of Planet Fitness in a research report on Wednesday, May 3rd. Finally, Guggenheim reissued a “buy” rating and set a $24.00 target price on shares of Planet Fitness in a research report on Monday, April 24th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $26.20.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in Planet Fitness by 58.2% in the fourth quarter. State Street Corp now owns 430,303 shares of the company’s stock valued at $8,645,000 after buying an additional 158,345 shares during the period. Dimensional Fund Advisors LP acquired a new position in Planet Fitness during the fourth quarter valued at approximately $4,092,000. Metropolitan Life Insurance Co. NY increased its position in Planet Fitness by 87.9% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 19,063 shares of the company’s stock valued at $383,000 after buying an additional 8,916 shares during the period. Guggenheim Capital LLC acquired a new position in Planet Fitness during the fourth quarter valued at approximately $228,000. Finally, AQR Capital Management LLC acquired a new position in Planet Fitness during the fourth quarter valued at approximately $639,000. 94.72% of the stock is owned by institutional investors.
The company has a 50-day moving average of $23.23 and a 200-day moving average of $21.34. The firm has a market capitalization of $1.94 billion, a P/E ratio of 42.33 and a beta of 0.90.
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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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