Zacks Investment Research lowered shares of Planet Fitness (NYSE:PLNT) from a buy rating to a hold rating in a research report released on Wednesday, December 27th.
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 reports. Robert W. Baird reiterated an outperform rating and issued a $31.00 price objective (up from $28.00) on shares of Planet Fitness in a research report on Wednesday, October 4th. Cowen reiterated a buy rating and issued a $30.00 price objective on shares of Planet Fitness in a research report on Friday, November 10th. BidaskClub upgraded shares of Planet Fitness from a hold rating to a buy rating in a research report on Friday, September 22nd. Imperial Capital lifted their price objective on shares of Planet Fitness from $28.00 to $33.00 and gave the company an outperform rating in a research report on Thursday, November 9th. Finally, DA Davidson started coverage on shares of Planet Fitness in a research report on Monday, November 20th. They set a buy rating on the stock. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $32.88.
Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, November 7th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $97.50 million for the quarter, compared to analyst estimates of $93.55 million. Planet Fitness had a net margin of 11.44% and a negative return on equity of 44.91%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the firm posted $0.16 earnings per share. sell-side analysts expect that Planet Fitness will post 0.82 EPS for the current year.
In related news, CFO Dorvin D. Lively sold 144,557 shares of the business’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $31.80, for a total value of $4,596,912.60. Following the completion of the transaction, the chief financial officer now owns 38,674 shares of the company’s stock, valued at approximately $1,229,833.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher Rondeau sold 60,000 shares of the business’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $32.54, for a total transaction of $1,952,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,134,427 shares of company stock valued at $34,941,422 in the last ninety days. Corporate insiders own 19.87% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its stake in shares of Planet Fitness by 164.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 4,865 shares of the company’s stock valued at $131,000 after acquiring an additional 3,022 shares during the last quarter. D.A. Davidson & CO. acquired a new position in shares of Planet Fitness during the 2nd quarter valued at about $145,000. Ameritas Investment Partners Inc. increased its stake in shares of Planet Fitness by 234.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,399 shares of the company’s stock valued at $173,000 after acquiring an additional 5,189 shares during the last quarter. Prudential Financial Inc. acquired a new position in shares of Planet Fitness during the 3rd quarter valued at about $214,000. Finally, Great West Life Assurance Co. Can increased its stake in shares of Planet Fitness by 126.5% during the 2nd quarter. Great West Life Assurance Co. Can now owns 10,137 shares of the company’s stock valued at $236,000 after acquiring an additional 5,662 shares during the last quarter.
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About Planet Fitness
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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