Zacks Investment Research Lowers Planet Fitness (PLNT) to Hold
Planet Fitness (NYSE:PLNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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 topic of a number of other research reports. Jefferies Group reiterated a “buy” rating and issued a $29.00 target price on shares of Planet Fitness in a research report on Thursday, September 14th. BidaskClub cut Planet Fitness from a “buy” rating to a “hold” rating in a report on Thursday, October 5th. DA Davidson started coverage on Planet Fitness in a report on Monday, November 20th. They set a “buy” rating on the stock. Imperial Capital boosted their price target on Planet Fitness from $28.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Finally, Cowen restated a “buy” rating and set a $30.00 price target on shares of Planet Fitness in a report on Friday, November 10th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $30.50.
Planet Fitness (PLNT) opened at $34.81 on Wednesday. Planet Fitness has a 12-month low of $18.32 and a 12-month high of $34.84. The company has a debt-to-equity ratio of -5.00, a current ratio of 1.57 and a quick ratio of 1.56. The stock has a market capitalization of $3,420.00 and a PE ratio of 51.96.
Planet Fitness (NYSE:PLNT) last released its earnings results on Tuesday, November 7th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.03. Planet Fitness had a negative return on equity of 44.91% and a net margin of 11.44%. The firm had revenue of $97.50 million for the quarter, compared to analysts’ expectations of $93.55 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. equities research analysts forecast that Planet Fitness will post 0.82 EPS for the current year.
In related news, CAO Richard L. Moore sold 1,640 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $27.00, for a total value of $44,280.00. Following the sale, the chief accounting officer now directly owns 1,640 shares in the company, valued at $44,280. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher Rondeau sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $26.43, for a total value of $528,600.00. The disclosure for this sale can be found here. Insiders sold 1,114,427 shares of company stock worth $34,052,622 over the last quarter. 19.87% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. lifted its stake in Planet Fitness by 164.0% in the third quarter. Envestnet Asset Management Inc. now owns 4,865 shares of the company’s stock valued at $131,000 after buying an additional 3,022 shares during the period. D.A. Davidson & CO. acquired a new position in Planet Fitness in the second quarter valued at approximately $145,000. Ameritas Investment Partners Inc. lifted its stake in Planet Fitness by 234.8% in the second quarter. Ameritas Investment Partners Inc. now owns 7,399 shares of the company’s stock valued at $173,000 after buying an additional 5,189 shares during the period. Prudential Financial Inc. acquired a new position in Planet Fitness in the third quarter valued at approximately $214,000. Finally, Great West Life Assurance Co. Can lifted its stake in Planet Fitness by 126.5% in the second quarter. Great West Life Assurance Co. Can now owns 10,137 shares of the company’s stock valued at $236,000 after buying an additional 5,662 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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