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

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. “

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

Shares of Planet Fitness (PLNT) opened at $33.01 on Wednesday. The company has a market cap of $3,136.80, a PE ratio of 39.86, a P/E/G ratio of 2.46 and a beta of 1.00. Planet Fitness has a fifty-two week low of $18.32 and a fifty-two week high of $33.04. 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 (NYSE:PLNT) last announced its quarterly earnings results on Tuesday, November 7th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the prior year, the firm earned $0.16 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. analysts forecast that Planet Fitness will post 0.82 EPS for the current year.

In related news, CEO Christopher Rondeau sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $26.75, for a total transaction of $535,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Richard L. Moore sold 1,640 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $27.00, for a total transaction of $44,280.00. Following the transaction, the chief accounting officer now directly owns 1,640 shares in the company, valued at approximately $44,280. The disclosure for this sale can be found here. Insiders have sold 994,427 shares of company stock worth $29,940,222 in the last three months. Insiders own 19.87% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its position in Planet Fitness by 1,196.3% during the second 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 during the last quarter. Federated Investors Inc. PA increased its position in Planet Fitness by 26.8% during the second 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 during the last quarter. BlackRock Inc. increased its position in Planet Fitness by 108.4% during the second 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 during the last quarter. Principal Financial Group Inc. increased its position in Planet Fitness by 7.7% during the second 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 during the last quarter. Finally, American Century Companies Inc. increased its position in Planet Fitness by 16.6% during the second 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 during 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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