Raymond James lifts Planet Fitness Inc. [PLNT] price estimate. Who else is bullish?

Planet Fitness Inc. [NYSE: PLNT] loss -2.29% on the last trading session, reaching $66.50 price per share at the time. The company report on November 6, 2020 that Planet Fitness, Inc. Announces Third Quarter 2020 Results.

Today, Planet Fitness, Inc. (NYSE:PLNT) reported financial results for its third quarter ended September 30, 2020 .

“Today over 95% of our locations are open, with our team members working hard to deliver a safe and healthy in-store environment for our members,” said Chris Rondeau , Chief Executive Officer. “While our membership levels have been under some pressure, primarily, we believe, from pent up cancellations in reopened clubs following the resumption of billing, we saw positive momentum in membership joins and usage rates as a result of kick starting our national marketing efforts in September. The results were very encouraging and therefore we are increasing our level of national marketing spend for the remainder of the year. We are also continuing to build out the features and functionality of our Planet Fitness app, further accelerating our digital efforts and improving the outstanding value proposition we offer. In the near-term we do expect the operating environment to remain volatile as a result of the virus, and we are proceeding appropriately with the safety of our members and staff as our number one priority. Longer-term, we continue to be very confident in Planet Fitness’s growth prospects as the business is well-positioned to capitalize on the increased focus on health & wellness and industry consolidation that we believe will emerge over the next several years.”.

Planet Fitness Inc. represents 80.22 million in outstanding shares, while the company has a total market value of $5.94 billion with the latest information. PLNT stock price has been found in the range of $66.29 to $68.72.

If compared to the average trading volume of 1.64M shares, PLNT reached a trading volume of 2554771 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Planet Fitness Inc. [PLNT]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PLNT shares is $74.08 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PLNT stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Raymond James have made an estimate for Planet Fitness Inc. shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on June 04, 2020. While these analysts kept the previous recommendation, DA Davidson raised their target price from $70 to $86. The new note on the price target was released on June 03, 2020, representing the official price target for Planet Fitness Inc. stock. Previously, the target price had yet another raise to $58, while ROTH Capital analysts kept a Neutral rating on PLNT stock.

The Average True Range (ATR) for Planet Fitness Inc. is set at 4.08, with the Price to Sales ratio for PLNT stock in the period of the last 12 months amounting to 12.80.

Trading performance analysis for PLNT stock

Planet Fitness Inc. [PLNT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -11.05. With this latest performance, PLNT shares gained by 3.28% in over the last four-week period, additionally plugging by 8.39% over the last 6 months – not to mention a drop of -6.94% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PLNT stock in for the last two-week period is set at 49.94, with the RSI for the last a single of trading hit 46.02, and the three-weeks RSI is set at 50.92 for Planet Fitness Inc. [PLNT]. The present Moving Average for the last 50 days of trading for this stock 63.98, while it was recorded at 69.33 for the last single week of trading, and 61.03 for the last 200 days.

Planet Fitness Inc. [PLNT]: A deeper dive into fundamental analysis

Planet Fitness Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.60 and a Current Ratio set at 4.70.

Planet Fitness Inc. [PLNT]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Planet Fitness Inc. posted 0.44/share EPS, while the average EPS was predicted by analysts to be reported at 0.41/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 7.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PLNT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Planet Fitness Inc. go to 8.80%.

An analysis of insider ownership at Planet Fitness Inc. [PLNT]

There are presently around $5,773 million, in the hands of institutional investors. The top three institutional holders of PLNT stocks are: VANGUARD GROUP INC with ownership of 7,335,445, which is approximately -9.875% of the company’s market cap and around 0.10% of the total institutional ownership; SRS INVESTMENT MANAGEMENT, LLC, holding 5,863,966 shares of the stock with an approximate value of $389.95 million in PLNT stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $355.54 million in PLNT stock with ownership of nearly -33.669% of the company’s market capitalization.

169 institutional holders increased their position in Planet Fitness Inc. [NYSE:PLNT] by around 16,129,009 shares. Additionally, 149 investors decreased positions by around 17,827,393 shares, while 37 investors held positions by with 52,853,278 shares. The mentioned changes placed institutional holdings at 86,809,680 shares, according to the latest SEC report filing. PLNT stock had 57 new institutional investments in for a total of 5,262,153 shares, while 51 institutional investors sold positions of 4,994,950 shares during the same period.

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