Shares of Planet Fitness Inc (NYSE:PLNT) have received an average recommendation of “Buy” from the twelve ratings firms that are covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $38.14.
A number of brokerages have weighed in on PLNT. Roth Capital set a $41.00 target price on shares of Planet Fitness and gave the company a “buy” rating in a research report on Thursday, March 1st. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Planet Fitness in a research note on Tuesday, February 27th. Guggenheim reaffirmed a “buy” rating on shares of Planet Fitness in a research note on Friday, February 23rd. Cowen set a $41.00 price target on shares of Planet Fitness and gave the company a “buy” rating in a research note on Friday, February 23rd. Finally, Jefferies Group reaffirmed a “hold” rating and set a $35.00 price target on shares of Planet Fitness in a research note on Friday, February 23rd.
Shares of Planet Fitness (NYSE:PLNT) traded down $0.22 during trading on Friday, reaching $38.44. 437,973 shares of the company’s stock were exchanged, compared to its average volume of 1,242,546. Planet Fitness has a 1 year low of $18.32 and a 1 year high of $40.04. The company has a debt-to-equity ratio of -5.09, a current ratio of 1.58 and a quick ratio of 1.56. The firm has a market capitalization of $3,804.43, a price-to-earnings ratio of 87.39, a P/E/G ratio of 1.70 and a beta of 0.56.
Planet Fitness declared that its Board of Directors has authorized a share repurchase program on Thursday, February 22nd that permits the company to buyback $80.00 million in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In related news, CEO Christopher Rondeau sold 40,000 shares of Planet Fitness stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $30.42, for a total transaction of $1,216,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 340,000 shares of company stock valued at $11,418,000 in the last three months. 19.87% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in Planet Fitness by 15.8% in the third quarter. Bank of New York Mellon Corp now owns 6,611,176 shares of the company’s stock worth $178,370,000 after purchasing an additional 902,240 shares during the period. BlackRock Inc. grew its holdings in shares of Planet Fitness by 5.4% during the fourth quarter. BlackRock Inc. now owns 5,383,805 shares of the company’s stock valued at $186,442,000 after buying an additional 273,727 shares during the last quarter. Investec Asset Management LTD grew its holdings in shares of Planet Fitness by 13.2% during the fourth quarter. Investec Asset Management LTD now owns 4,838,749 shares of the company’s stock valued at $167,566,000 after buying an additional 564,783 shares during the last quarter. Carillon Tower Advisers Inc. acquired a new position in shares of Planet Fitness during the fourth quarter valued at about $81,176,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Planet Fitness by 39.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,487,613 shares of the company’s stock valued at $40,136,000 after buying an additional 419,093 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.
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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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