Royal Bank of Canada Reiterates Outperform Rating for Planet Fitness (NYSE:PLNT)

Royal Bank of Canada reissued their outperform rating on shares of Planet Fitness (NYSE:PLNT - Free Report) in a research note issued to investors on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a $120.00 price target on the stock.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley lifted their target price on Planet Fitness from $84.00 to $89.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 29th. DA Davidson increased their target price 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. Stifel Nicolaus boosted their target price on Planet Fitness from $70.00 to $75.00 and gave the company a "hold" rating in a research note on Wednesday, October 16th. Robert W. Baird boosted their price objective on Planet Fitness from $92.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Finally, Piper Sandler increased 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. Five research 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, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.13.

Planet Fitness Stock Up 2.2 %

NYSE PLNT traded up $2.31 on Wednesday, reaching $106.96. The company had a trading volume of 2,191,334 shares, compared to its average volume of 1,476,536. The company's fifty day moving average is $99.14 and its 200 day moving average is $86.06. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $107.68. The stock has a market capitalization of $9.05 billion, a P/E ratio of 57.51, a P/E/G ratio of 3.33 and a beta of 1.52.

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

Insider Activity at Planet Fitness

In other Planet Fitness 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 completion of the sale, the insider now owns 19,110 shares of the company's stock, valued at $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.94% of the stock is currently owned by insiders.

Institutional Trading of Planet Fitness

Hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in shares of Planet Fitness by 3.3% in the 2nd quarter. Victory Capital Management Inc. now owns 18,202 shares of the company's stock valued at $1,339,000 after purchasing an additional 584 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in Planet Fitness by 4.3% during the second quarter. Oppenheimer & Co. Inc. now owns 19,388 shares of the company's stock valued at $1,427,000 after buying an additional 800 shares during the period. Dimensional Fund Advisors LP boosted its position in Planet Fitness by 18.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,099,448 shares of the company's stock valued at $80,910,000 after buying an additional 173,536 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Planet Fitness by 16.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,779 shares of the company's stock worth $498,000 after buying an additional 947 shares during the period. Finally, XTX Topco Ltd lifted its stake in shares of Planet Fitness by 173.5% in the 2nd quarter. XTX Topco Ltd now owns 22,674 shares of the company's stock valued at $1,669,000 after acquiring an additional 14,385 shares during the last quarter. 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.