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

Planet Fitness (NYSE:PLNT)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank of Canada in a research report issued 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 current price.

Other analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft started coverage on Planet Fitness in a research report on Friday, September 27th. They set a “hold” rating and a $71.00 price objective for the company. Piper Sandler lifted their price target on shares of Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Robert W. Baird boosted their price objective on shares of Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Stifel Nicolaus raised their target price on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley boosted their price target on Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th. 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. According to 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

Shares of NYSE PLNT traded up $1.31 on Wednesday, hitting $105.96. The company’s stock had a trading volume of 410,840 shares, compared to its average volume of 1,259,284. The stock has a 50 day moving average of $98.65 and a 200-day moving average of $85.84. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of 56.97, a price-to-earnings-growth ratio of 3.33 and a beta of 1.52. Planet Fitness has a 12-month low of $54.35 and a 12-month high of $107.00.

Planet Fitness (NYSE:PLNT) last announced its 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 for the quarter, compared to analysts’ expectations of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. Planet Fitness’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 EPS. Sell-side analysts expect that Planet Fitness will post 2.5 EPS for the current fiscal year.

Insider Buying and Selling at Planet Fitness

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 directly owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.94% of the stock is owned by corporate insiders.

Institutional Trading of Planet Fitness

A number of hedge funds and other institutional investors have recently made changes to their positions in PLNT. Quarry LP grew its position in shares of Planet Fitness by 174.7% during the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock valued at $37,000 after buying an additional 318 shares during the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Planet Fitness by 69.8% during the third 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 during the period. GAMMA Investing LLC raised its stake in shares of Planet Fitness by 396.9% during the third quarter. GAMMA Investing LLC now owns 1,898 shares of the company’s stock valued at $154,000 after purchasing an additional 1,516 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Planet Fitness in the second quarter worth about $200,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Planet Fitness during the third quarter valued at approximately $200,000. Institutional investors own 95.53% of the company’s stock.

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.