Planet Fitness (NYSE:PLNT) Price Target Raised to $110.00

Planet Fitness (NYSE:PLNT) had its price objective lifted by equities research analysts at Royal Bank of Canada from $87.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 15.41% from the company’s current price.

Several other research firms have also recently weighed in on PLNT. Piper Sandler boosted their price target on shares of Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft started coverage on Planet Fitness in a report on Friday, September 27th. They issued a “hold” rating and a $71.00 target price for the company. Bank of America lifted their price target on Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Roth Mkm upped their price objective on Planet Fitness from $73.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Macquarie reaffirmed a “neutral” rating and set a $99.00 target price (up from $91.00) on shares of Planet Fitness in a research report on Friday. 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.81.

Planet Fitness Stock Up 1.2 %

Shares of Planet Fitness stock opened at $95.31 on Friday. Planet Fitness has a 52 week low of $54.35 and a 52 week high of $98.59. The business has a 50 day moving average price of $81.75 and a 200-day moving average price of $74.88. The company has a market cap of $8.12 billion, a PE ratio of 51.24, a price-to-earnings-growth ratio of 2.84 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last released its quarterly 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 business had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. Planet Fitness’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.59 EPS. As a group, research analysts anticipate that Planet Fitness will post 2.43 EPS for the current year.

Hedge Funds Weigh In On Planet Fitness

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Planet Fitness by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after purchasing an additional 97,823 shares during the period. Bessemer Group Inc. boosted its position in shares of Planet Fitness by 24.9% in the first quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock valued at $14,335,000 after acquiring an additional 45,623 shares during the period. Picton Mahoney Asset Management purchased a new position in Planet Fitness during the first quarter valued at approximately $1,786,000. State Board of Administration of Florida Retirement System increased its holdings in Planet Fitness by 4.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 92,400 shares of the company’s stock worth $5,787,000 after acquiring an additional 3,860 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in Planet Fitness by 228.8% during the 1st quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock worth $1,445,000 after acquiring an additional 16,053 shares during the period. 95.53% of the stock is currently owned by hedge funds and other 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.