Planet Fitness (NYSE:PLNT) Receives Outperform Rating from Royal Bank of Canada

Planet Fitness (NYSE:PLNT)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $120.00 target price on the stock. Royal Bank of Canada’s price target suggests a potential upside of 13.25% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Piper Sandler upped their price objective on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft assumed coverage on Planet Fitness in a research report on Friday, September 27th. They issued a “hold” rating and a $71.00 price target for the company. DA Davidson raised their target price on Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Morgan Stanley lifted their price target on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. Finally, Raymond James increased their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Planet Fitness currently has an average rating of “Moderate Buy” and a consensus target price of $96.13.

Planet Fitness Price Performance

PLNT traded up $1.31 on Wednesday, reaching $105.96. 410,840 shares of the stock were exchanged, compared to its average volume of 1,259,284. The company’s 50-day moving average price is $98.65 and its 200 day moving average price is $85.84. The firm has a market capitalization of $8.96 billion, a PE ratio of 56.97, a PEG ratio of 3.33 and a beta of 1.52. Planet Fitness has a fifty-two week low of $54.35 and a fifty-two week high of $107.00.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping 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 business had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 million. During the same period in the prior year, the company posted $0.59 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities analysts forecast that Planet Fitness will post 2.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jennifer Simmons sold 11,453 shares of Planet Fitness stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the sale, the insider now owns 19,110 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP boosted its holdings in shares of Planet Fitness by 174.7% in the second quarter. Quarry LP now owns 500 shares of the company’s stock valued at $37,000 after acquiring an additional 318 shares in the last quarter. V Square Quantitative Management LLC boosted its holdings in Planet Fitness by 69.8% in the 3rd quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock valued at $40,000 after purchasing an additional 201 shares in the last quarter. GAMMA Investing LLC increased its position in Planet Fitness by 396.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,898 shares of the company’s stock worth $154,000 after purchasing an additional 1,516 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Planet Fitness during the 2nd quarter worth approximately $200,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Planet Fitness in the third quarter valued at approximately $200,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Planet Fitness Company Profile

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.