Planet Fitness (NYSE:PLNT) Stock Price Down 6.9% – Time to Sell?

Planet Fitness, Inc. (NYSE:PLNT)’s share price dropped 6.9% during mid-day trading on Monday . The stock traded as low as $99.13 and last traded at $99.44. Approximately 2,617,265 shares changed hands during mid-day trading, an increase of 28% from the average daily volume of 2,040,313 shares. The stock had previously closed at $106.85.

Analyst Upgrades and Downgrades

PLNT has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Planet Fitness from $119.00 to $123.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Macquarie raised their price target on Planet Fitness from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. JPMorgan Chase & Co. upped their target price on Planet Fitness from $108.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Canaccord Genuity Group upped their target price on shares of Planet Fitness from $130.00 to $139.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Finally, Stifel Nicolaus raised their price objective on Planet Fitness from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $119.67.

Planet Fitness Stock Performance

The stock has a market cap of $8.38 billion, a P/E ratio of 41.07, a P/E/G ratio of 2.04 and a beta of 1.27. The business’s 50-day moving average price is $107.32 and its 200-day moving average price is $104.85.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, November 6th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.08. Planet Fitness had a net margin of 15.97% and a negative return on equity of 126.58%. The company had revenue of $330.35 million for the quarter, compared to analysts’ expectations of $323.95 million. During the same quarter last year, the business earned $0.64 EPS. The firm’s revenue was up 13.0% compared to the same quarter last year. Planet Fitness has set its FY 2025 guidance at 3.000-3.030 EPS. As a group, equities research analysts expect that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Institutional Investors Weigh In On Planet Fitness

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ninety One UK Ltd boosted its position in Planet Fitness by 20.0% during the third quarter. Ninety One UK Ltd now owns 3,461,543 shares of the company’s stock valued at $359,308,000 after purchasing an additional 577,637 shares in the last quarter. Invesco Ltd. raised its stake in shares of Planet Fitness by 15.0% in the second quarter. Invesco Ltd. now owns 2,543,501 shares of the company’s stock worth $277,369,000 after purchasing an additional 332,362 shares during the last quarter. Dorsal Capital Management LP boosted its holdings in shares of Planet Fitness by 7.6% in the 2nd quarter. Dorsal Capital Management LP now owns 2,475,000 shares of the company’s stock valued at $269,899,000 after acquiring an additional 175,000 shares during the last quarter. Steadfast Capital Management LP grew its position in Planet Fitness by 4.6% during the 3rd quarter. Steadfast Capital Management LP now owns 1,888,992 shares of the company’s stock worth $196,077,000 after purchasing an additional 83,215 shares during the period. Finally, Geode Capital Management LLC raised its position in Planet Fitness by 3.7% during the second quarter. Geode Capital Management LLC now owns 1,581,406 shares of the company’s stock valued at $172,479,000 after acquiring an additional 57,103 shares in the last quarter. Institutional investors own 95.53% of the company’s stock.

About Planet Fitness

Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.

The company operates through a network of franchised and company-owned clubs.