Royal Bank of Canada Raises Planet Fitness (NYSE:PLNT) Price Target to $110.00

Planet Fitness (NYSE:PLNT) had its target price boosted by Royal Bank of Canada from $87.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research firms have also weighed in on PLNT. Roth Mkm boosted their target price on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday. Morgan Stanley raised their target price on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research note on Tuesday, October 29th. Raymond James upped their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a research report on Friday. Finally, Piper Sandler increased their price target on Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.81.

Planet Fitness Trading Up 1.2 %

PLNT traded up $1.14 during midday trading on Friday, hitting $95.31. The company’s stock had a trading volume of 1,982,660 shares, compared to its average volume of 1,555,188. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $98.59. The firm has a 50-day moving average price of $81.75 and a two-hundred day moving average price of $74.78. The firm has a market cap of $8.12 billion, a P/E ratio of 52.36, a PEG ratio of 2.84 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (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 the consensus estimate of $283.79 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. Planet Fitness’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.59 earnings per share. On average, equities analysts expect that Planet Fitness will post 2.43 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Planet Fitness by 1.2% during the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after purchasing an additional 97,823 shares during the last quarter. Bessemer Group Inc. boosted its stake in Planet Fitness by 24.9% in the first quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock valued at $14,335,000 after acquiring an additional 45,623 shares during the period. Picton Mahoney Asset Management bought a new position in shares of Planet Fitness during the first quarter valued at approximately $1,786,000. State Board of Administration of Florida Retirement System raised its position in shares of Planet Fitness by 4.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 92,400 shares of the company’s stock worth $5,787,000 after purchasing an additional 3,860 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Planet Fitness by 228.8% in the 1st quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock worth $1,445,000 after purchasing an additional 16,053 shares during the last quarter. Institutional investors and hedge funds 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.