Royal Bank of Canada Forecasts Strong Price Appreciation for Planet Fitness (NYSE:PLNT) Stock

Planet Fitness (NYSE:PLNT) had its target price upped by Royal Bank of Canada from $110.00 to $120.00 in a report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts have also commented on PLNT. Morgan Stanley lifted their price objective on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. BNP Paribas raised shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price target for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. raised their price objective on shares of Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of Planet Fitness in a report on Friday, September 27th. They set a “hold” rating and a $71.00 target price for the company. Finally, DA Davidson lifted their price target on shares of Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.00.

Planet Fitness Price Performance

Planet Fitness stock opened at $101.88 on Tuesday. The business’s fifty day moving average is $90.66 and its 200 day moving average is $81.64. The stock has a market capitalization of $8.62 billion, a PE ratio of 54.77, a price-to-earnings-growth ratio of 3.33 and a beta of 1.53. Planet Fitness has a one year low of $54.35 and a one year high of $102.90.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The firm had revenue of $292.20 million during the quarter, compared to analysts’ expectations of $283.79 million. During the same period in the previous year, the company earned $0.59 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts expect that Planet Fitness will post 2.5 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total value of $1,101,778.60. Following the transaction, the insider now owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.94% of the stock is currently owned by company insiders.

Institutional Trading of Planet Fitness

Hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC increased its holdings in shares of Planet Fitness by 132.5% in the third quarter. Tidal Investments LLC now owns 28,957 shares of the company’s stock worth $2,352,000 after purchasing an additional 16,503 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Planet Fitness during the 3rd quarter valued at approximately $604,000. State Street Corp grew its holdings in shares of Planet Fitness by 1.5% in the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after purchasing an additional 37,236 shares in the last quarter. Quest Partners LLC raised its stake in Planet Fitness by 126.0% during the third quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock valued at $772,000 after purchasing an additional 5,298 shares in the last quarter. Finally, Qsemble Capital Management LP lifted its position in Planet Fitness by 100.6% during the third quarter. Qsemble Capital Management LP now owns 20,972 shares of the company’s stock valued at $1,703,000 after purchasing an additional 10,518 shares during the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.