Royal Bank of Canada Issues Positive Forecast for Planet Fitness (NYSE:PLNT) Stock Price

Planet Fitness (NYSE:PLNT) had its target price lifted by stock analysts at Royal Bank of Canada from $87.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 15.53% from the stock’s previous close.

PLNT has been the topic of several other reports. Piper Sandler raised their price objective on Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 target price (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. BNP Paribas raised Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price objective for the company in a research note on Thursday, September 5th. Deutsche Bank Aktiengesellschaft began coverage on Planet Fitness in a report on Friday, September 27th. They set a “hold” rating and a $71.00 price target on the stock. Finally, Roth Mkm increased their price objective on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Five 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $91.81.

Planet Fitness Trading Up 1.1 %

PLNT traded up $1.04 during midday trading on Friday, hitting $95.21. 959,275 shares of the company traded hands, compared to its average volume of 1,550,478. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $98.59. The business has a 50 day simple moving average of $81.47 and a two-hundred day simple moving average of $74.53. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of 52.24, a PEG ratio of 2.64 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. The business had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The company’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the business earned $0.59 EPS. Equities research analysts anticipate that Planet Fitness will post 2.43 earnings per share for the current year.

Hedge Funds Weigh In On Planet Fitness

A number of large investors have recently bought and sold shares of the stock. Premier Fund Managers Ltd bought a new position in shares of Planet Fitness during the third quarter valued at $775,000. Quest Partners LLC increased its stake in Planet Fitness by 126.0% in the 3rd quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock worth $772,000 after acquiring an additional 5,298 shares during the last quarter. Natixis Advisors LLC bought a new stake in shares of Planet Fitness in the 3rd quarter valued at approximately $855,000. ING Groep NV bought a new position in shares of Planet Fitness during the third quarter valued at approximately $1,568,000. Finally, Zions Bancorporation N.A. raised its stake in shares of Planet Fitness by 19.5% during the third quarter. Zions Bancorporation N.A. now owns 19,226 shares of the company’s stock valued at $1,562,000 after acquiring an additional 3,137 shares in the last quarter. 95.53% of the stock is 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.