Zacks Investment Research Lowers Planet Fitness (PLNT) to Hold

Zacks Investment Research downgraded shares of Planet Fitness (NYSE:PLNT) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

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. “

A number of other research analysts also recently issued reports on the stock. DA Davidson began coverage on shares of Planet Fitness in a research report on Monday, November 20th. They set a buy rating on the stock. Cowen restated a buy rating and set a $30.00 target price on shares of Planet Fitness in a research report on Friday, November 10th. Jefferies Group restated a buy rating and set a $33.00 target price on shares of Planet Fitness in a research report on Friday, November 10th. Imperial Capital upped their price target on Planet Fitness from $28.00 to $33.00 and gave the company an outperform rating in a research note on Thursday, November 9th. Finally, Bank of America upped their price target on Planet Fitness from $32.00 to $33.00 and gave the company a buy rating in a research note on Wednesday, November 8th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Planet Fitness has a consensus rating of Buy and an average price target of $29.60.

Planet Fitness (NYSE PLNT) traded up $1.12 during trading on Wednesday, reaching $33.01. 1,387,197 shares of the company’s stock were exchanged, compared to its average volume of 851,691. The company has a current ratio of 1.57, a quick ratio of 1.56 and a debt-to-equity ratio of -5.00. Planet Fitness has a 52 week low of $18.32 and a 52 week high of $33.04. The firm has a market cap of $3,136.80, a P/E ratio of 39.86, a PEG ratio of 2.46 and a beta of 1.00.

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 analysts’ consensus estimates of $0.16 by $0.03. Planet Fitness had a net margin of 11.44% and a negative return on equity of 44.91%. The company had revenue of $97.50 million for the quarter, compared to the consensus estimate of $93.55 million. During the same period in the prior year, the company posted $0.16 EPS. The company’s revenue was up 12.1% compared to the same quarter last year. research analysts expect that Planet Fitness will post 0.82 earnings per share for the current fiscal year.

In related news, CFO Dorvin D. Lively sold 105,443 shares of the stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $31.50, for a total transaction of $3,321,454.50. Following the completion of the sale, the chief financial officer now directly owns 67,273 shares of the company’s stock, valued at approximately $2,119,099.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Christopher Rondeau sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $26.75, for a total value of $535,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 994,427 shares of company stock valued at $29,940,222. 19.87% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its stake in Planet Fitness by 1,196.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 243,061 shares of the company’s stock worth $5,673,000 after purchasing an additional 224,311 shares in the last quarter. Federated Investors Inc. PA increased its stake in Planet Fitness by 26.8% during the 2nd quarter. Federated Investors Inc. PA now owns 270,000 shares of the company’s stock worth $6,302,000 after purchasing an additional 57,000 shares in the last quarter. BlackRock Inc. increased its stake in Planet Fitness by 108.4% during the 2nd quarter. BlackRock Inc. now owns 4,799,995 shares of the company’s stock worth $112,033,000 after purchasing an additional 2,496,984 shares in the last quarter. Principal Financial Group Inc. increased its stake in Planet Fitness by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 851,131 shares of the company’s stock worth $19,866,000 after purchasing an additional 60,939 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Planet Fitness by 16.6% during the 2nd quarter. American Century Companies Inc. now owns 327,736 shares of the company’s stock worth $7,649,000 after purchasing an additional 46,554 shares in the last quarter.

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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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