Royal Bank of Canada Forecasts Strong Price Appreciation for Planet Fitness (NYSE:PLNT) Stock

Planet Fitness (NYSE:PLNT - Get Free Report) had its target price increased by equities researchers at Royal Bank of Canada from $87.00 to $110.00 in a report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank of Canada's target price points to a potential upside of 15.42% from the stock's current price.

Several other brokerages have also recently commented on PLNT. Bank of America boosted their price objective on shares of Planet Fitness from $95.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, September 6th. BNP Paribas upgraded shares of Planet Fitness from a "neutral" rating to an "outperform" rating and set a $97.00 price target for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. increased their price objective on Planet Fitness from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday. Morgan Stanley boosted their target price on Planet Fitness from $84.00 to $89.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Planet Fitness in a report on Friday, September 27th. They issued a "hold" rating and a $71.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.81.

Planet Fitness Stock Performance

PLNT stock traded up $1.13 during midday trading on Friday, reaching $95.30. 1,981,655 shares of the company's stock traded hands, compared to its average volume of 1,555,188. The firm has a market capitalization of $8.12 billion, a PE ratio of 52.36, a price-to-earnings-growth ratio of 2.84 and a beta of 1.49. The company has a 50-day moving average price of $81.75 and a two-hundred day moving average price of $74.78. Planet Fitness has a 52 week low of $54.35 and a 52 week high of $98.59.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its quarterly earnings data 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. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The company had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 million. During the same period in the previous year, the company posted $0.59 EPS. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, analysts predict that Planet Fitness will post 2.43 EPS for the current fiscal year.

Institutional Trading of Planet Fitness

Several institutional investors have recently added to or reduced their stakes in the business. Verdence Capital Advisors LLC raised its position in Planet Fitness by 4.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,047 shares of the company's stock valued at $247,000 after purchasing an additional 132 shares during the last quarter. LRI Investments LLC increased its stake in shares of Planet Fitness by 61.2% during the second quarter. LRI Investments LLC now owns 403 shares of the company's stock valued at $30,000 after buying an additional 153 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Planet Fitness by 1.1% during the first quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company's stock valued at $1,026,000 after acquiring an additional 174 shares in the last quarter. Creative Planning lifted its stake in Planet Fitness by 2.1% in the third quarter. Creative Planning now owns 9,144 shares of the company's stock worth $743,000 after acquiring an additional 192 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in Planet Fitness by 0.8% in the second quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company's stock valued at $1,825,000 after acquiring an additional 200 shares in the last quarter. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

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.