Royal Bank of Canada Reaffirms “Outperform” Rating for Planet Fitness (NYSE:PLNT)

Planet Fitness (NYSE:PLNT)‘s stock had its “outperform” rating reiterated by stock analysts at Royal Bank of Canada in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $120.00 price objective on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 13.24% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. DA Davidson boosted their target price on shares of Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. JPMorgan Chase & Co. upped their price objective on Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Robert W. Baird raised their price objective on Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Macquarie reissued a “neutral” rating and set a $99.00 target price (up previously from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Finally, Raymond James increased their price target on Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a report on Friday, November 8th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.13.

Planet Fitness Stock Down 0.7 %

Shares of Planet Fitness stock opened at $105.97 on Wednesday. The firm has a market cap of $8.96 billion, a price-to-earnings ratio of 56.97, a PEG ratio of 2.87 and a beta of 1.52. Planet Fitness has a twelve month low of $54.35 and a twelve month high of $107.68. The business has a 50-day moving average price of $99.59 and a 200-day moving average price of $86.20.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. During the same quarter in the previous year, the company posted $0.59 EPS. The company’s revenue was up 5.3% compared to the same quarter last year. On average, equities analysts expect that Planet Fitness will post 2.5 EPS for the current fiscal year.

Insider Activity

In other news, insider Jennifer Simmons sold 11,453 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 19,110 shares in the company, valued at approximately $1,838,382. This trade represents a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLNT. Quarry LP lifted its position in shares of Planet Fitness by 174.7% in the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 318 shares during the period. UMB Bank n.a. raised its stake in Planet Fitness by 67.4% in the fourth quarter. UMB Bank n.a. now owns 390 shares of the company’s stock worth $39,000 after buying an additional 157 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in Planet Fitness by 69.8% during the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after buying an additional 201 shares during the period. GAMMA Investing LLC boosted 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 valued at $154,000 after acquiring an additional 1,516 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in shares of Planet Fitness in the 2nd quarter valued at $200,000. 95.53% of the stock is currently owned by institutional investors.

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.