Royal Bank of Canada Boosts Planet Fitness (NYSE:PLNT) Price Target to $87.00

Planet Fitness (NYSE:PLNT) had its price target raised by Royal Bank of Canada from $77.00 to $87.00 in a research report sent to investors on Wednesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other brokerages have also recently issued reports on PLNT. Piper Sandler lifted their price objective on Planet Fitness from $80.00 to $89.00 and gave the company an overweight rating in a research note on Thursday, July 11th. DA Davidson reiterated a neutral rating and issued a $62.00 price objective on shares of Planet Fitness in a research note on Friday, June 14th. JPMorgan Chase & Co. upgraded Planet Fitness from a neutral rating to an overweight rating and lifted their price objective for the company from $68.00 to $78.00 in a research note on Tuesday, May 14th. TD Cowen upgraded Planet Fitness from a hold rating to a buy rating and lifted their price objective for the company from $66.00 to $92.00 in a research note on Monday, June 24th. Finally, BMO Capital Markets restated an outperform rating and set a $87.00 target price (up previously from $80.00) on shares of Planet Fitness in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Planet Fitness has a consensus rating of Moderate Buy and an average price target of $79.87.

Planet Fitness Trading Up 1.0 %

Planet Fitness stock traded up $0.80 during midday trading on Wednesday, reaching $79.04. 2,469,125 shares of the stock traded hands, compared to its average volume of 1,617,193. The company has a 50-day simple moving average of $73.22 and a two-hundred day simple moving average of $66.95. Planet Fitness has a 12-month low of $44.13 and a 12-month high of $79.53. The firm has a market cap of $6.97 billion, a PE ratio of 45.43, a price-to-earnings-growth ratio of 2.57 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The company had revenue of $300.94 million during the quarter, compared to analysts’ expectations of $290.17 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. Planet Fitness’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period last year, the business posted $0.65 EPS. Equities research analysts anticipate that Planet Fitness will post 2.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total value of $497,153.36. Following the transaction, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at $524,549.42. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Allworth Financial LP increased its holdings in shares of Planet Fitness by 247.6% in the fourth quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after purchasing an additional 255 shares during the period. Fidelis Capital Partners LLC acquired a new position in Planet Fitness during the first quarter worth $27,000. GAMMA Investing LLC grew its holdings in Planet Fitness by 478.8% during the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $28,000 after acquiring an additional 316 shares during the period. LRI Investments LLC grew its holdings in Planet Fitness by 61.2% during the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after acquiring an additional 153 shares during the period. Finally, Asset Management One Co. Ltd. grew its holdings in Planet Fitness by 17.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock worth $73,000 after acquiring an additional 148 shares during the period. Institutional investors and hedge funds 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.