Planet Fitness (NYSE:PLNT) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Planet Fitness (NYSE:PLNT) had its price objective upped by equities researchers at Royal Bank of Canada from $110.00 to $120.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 23.14% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. BNP Paribas upgraded shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 target price for the company in a research report on Thursday, September 5th. Raymond James increased their price objective on Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a report on Friday, November 8th. Robert W. Baird boosted their target price 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 reaffirmed a “neutral” rating and set a $99.00 price target (up from $91.00) on shares of Planet Fitness in a research note on Friday, November 8th. Finally, Stifel Nicolaus boosted their price target on Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.00.

Planet Fitness Trading Down 4.3 %

Shares of PLNT stock opened at $97.45 on Tuesday. The company has a market capitalization of $8.24 billion, a price-to-earnings ratio of 52.39, a P/E/G ratio of 3.33 and a beta of 1.53. Planet Fitness has a 1-year low of $54.35 and a 1-year high of $102.90. The stock’s fifty day simple moving average is $91.42 and its 200-day simple moving average is $82.02.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. The company 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%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.59 EPS. On average, sell-side analysts predict that Planet Fitness will post 2.5 EPS for the current year.

Insider Buying and Selling

In related news, insider Jennifer Simmons sold 11,453 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 19,110 shares in the company, valued at $1,838,382. This represents a 37.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Dorsal Capital Management LP increased its holdings in shares of Planet Fitness by 7.7% during the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock worth $213,940,000 after purchasing an additional 207,193 shares during the period. State Street Corp grew its position in Planet Fitness by 1.5% during the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock worth $205,061,000 after buying an additional 37,236 shares in the last quarter. William Blair Investment Management LLC bought a new position in Planet Fitness during the second quarter valued at about $166,978,000. Anomaly Capital Management LP acquired a new position in Planet Fitness in the 2nd quarter valued at approximately $106,795,000. Finally, Point72 Asset Management L.P. lifted its position in shares of Planet Fitness by 169.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after acquiring an additional 829,509 shares during the period. 95.53% of the stock is owned by 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.