Planet Fitness (NYSE:PLNT) PT Lowered to $79.00 at Morgan Stanley

Planet Fitness (NYSE:PLNT – Get Free Report) had its price objective cut by research analysts at Morgan Stanley from $83.00 to $79.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 24.00% from the stock’s current price.
A number of other equities research analysts have also issued reports on PLNT. Stifel Nicolaus cut their price target on shares of Planet Fitness from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Friday. Raymond James boosted their price target on shares of Planet Fitness from $66.00 to $73.00 and gave the company a “strong-buy” rating in a report on Wednesday, November 8th. StockNews.com upgraded shares of Planet Fitness from a “sell” rating to a “hold” rating in a research note on Friday, January 12th. Royal Bank of Canada upped their price objective on shares of Planet Fitness from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Wednesday, November 8th. Finally, DA Davidson reiterated a “neutral” rating and issued a $62.00 price objective on shares of Planet Fitness in a research note on Monday, February 5th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Planet Fitness has a consensus rating of “Moderate Buy” and an average price target of $70.69.

Read Our Latest Analysis on Planet Fitness
Planet Fitness Price Performance

PLNT stock opened at $63.71 on Friday. Planet Fitness has a 12 month low of $44.13 and a 12 month high of $84.48. The firm has a market cap of $5.62 billion, a PE ratio of 39.33, a P/E/G ratio of 1.23 and a beta of 1.44. The firm has a 50 day simple moving average of $70.73 and a 200 day simple moving average of $62.69.
Planet Fitness (NYSE:PLNT – Get Free Report) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $285.10 million for the quarter, compared to analyst estimates of $282.35 million. During the same quarter in the previous year, the business earned $0.53 earnings per share. The firm’s revenue was up 1.4% compared to the same quarter last year. As a group, sell-side analysts expect that Planet Fitness will post 2.54 earnings per share for the current year.
Insiders Place Their Bets
In other Planet Fitness news, CEO Craig R. Benson bought 10,000 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was bought at an average cost of $68.15 per share, with a total value of $681,500.00. Following the completion of the transaction, the chief executive officer now directly owns 35,000 shares of the company’s stock, valued at approximately $2,385,250. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Craig R. Benson acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was acquired at an average cost of $68.15 per share, with a total value of $681,500.00. Following the acquisition, the chief executive officer now owns 35,000 shares in the company, valued at $2,385,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher Rondeau sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $66.55, for a total transaction of $66,550,000.00. The disclosure for this sale can be found here. Insiders own 5.94% of the company’s stock.
Institutional Trading of Planet Fitness
Large investors have recently modified their holdings of the company. Quarry LP bought a new stake in shares of Planet Fitness during the 4th quarter worth $25,000. Allworth Financial LP boosted its holdings in Planet Fitness by 247.6% in the 4th quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after purchasing an additional 255 shares during the period. International Assets Investment Management LLC bought a new stake in Planet Fitness in the 3rd quarter valued at $27,000. Rockefeller Capital Management L.P. boosted its holdings in Planet Fitness by 93.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 456 shares of the company’s stock valued at $35,000 after purchasing an additional 220 shares during the period. Finally, CWM LLC boosted its holdings in Planet Fitness by 52.9% in the 2nd quarter. CWM LLC now owns 697 shares of the company’s stock valued at $47,000 after purchasing an additional 241 shares during the period. 95.53% of the stock is owned by institutional investors.
Planet Fitness Company Profile
(Get Free Report)
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 Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.
See Also

Receive News & Ratings for Planet Fitness Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Planet Fitness and related companies with MarketBeat.com’s FREE daily email newsletter.

https://www.americanbankingnews.com/2024/02/25/planet-fitness-nyseplnt-pt-lowered-to-79-00-at-morgan-stanley.html

Recommended For You