Planet Fitness’ (PLNT) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Planet Fitness (NYSE:PLNT) in a report issued on Wednesday morning,Benzinga reports. They currently have a $120.00 target price on the stock.

A number of other research analysts have also commented on the stock. Stifel Nicolaus boosted their price target on shares of Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Piper Sandler upped their target price on shares of Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. DA Davidson upped their price target on shares of Planet Fitness from $70.00 to $87.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. JPMorgan Chase & Co. upped their price target on shares of Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Macquarie restated a “neutral” rating and set a $99.00 price target (up from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $96.13.

Planet Fitness Price Performance

PLNT opened at $105.08 on Wednesday. The company has a fifty day moving average price of $99.59 and a 200-day moving average price of $86.20. The firm has a market capitalization of $8.89 billion, a P/E ratio of 56.49, a price-to-earnings-growth ratio of 2.87 and a beta of 1.52. Planet Fitness has a one year low of $54.35 and a one year high of $107.68.

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

Insider Buying and Selling

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the transaction, the insider now owns 19,110 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 0.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Planet Fitness

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP boosted its holdings in Planet Fitness by 174.7% in the second quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 318 shares during the last quarter. V Square Quantitative Management LLC raised its position in Planet Fitness by 69.8% in the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after acquiring an additional 201 shares during the period. GAMMA Investing LLC raised its position in Planet Fitness by 396.9% in the third quarter. GAMMA Investing LLC now owns 1,898 shares of the company’s stock worth $154,000 after acquiring an additional 1,516 shares during the period. Point72 DIFC Ltd bought a new position in Planet Fitness in the second quarter worth approximately $200,000. Finally, Point72 Hong Kong Ltd bought a new position in Planet Fitness in the third quarter worth approximately $200,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.

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.