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


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

Planet Fitness (NYSE:PLNT - Get Free Report) had its price target upped by stock analysts at Royal Bank of Canada from $110.00 to $120.00 in a report released 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 18.44% from the company's current price.

PLNT has been the subject of several other reports. Bank of America raised their target price on shares of Planet Fitness from $95.00 to $100.00 and gave the company a "buy" rating in a report on Friday, September 6th. JPMorgan Chase & Co. boosted their price objective on shares of Planet Fitness from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Morgan Stanley raised their price objective on Planet Fitness from $84.00 to $89.00 and gave the stock an "overweight" rating in a report on Tuesday, October 29th. Robert W. Baird raised their price target on Planet Fitness from $92.00 to $110.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Planet Fitness in a report on Friday, September 27th. They set a "hold" rating and a $71.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.00.

Read Our Latest Research Report on Planet Fitness

Shares of PLNT traded up $2.30 during mid-day trading on Tuesday, reaching $101.32. 123,481 shares of the company's stock were exchanged, compared to its average volume of 1,483,228. The business's fifty day simple moving average is $90.66 and its 200-day simple moving average is $81.64. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $102.88. The stock has a market capitalization of $8.57 billion, a PE ratio of 54.30, a price-to-earnings-growth ratio of 3.33 and a beta of 1.53.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) 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 firm had revenue of $292.20 million during the quarter, compared to analysts' expectations of $283.79 million. During the same period in the prior year, the company posted $0.59 earnings per share. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. Equities research analysts predict that Planet Fitness will post 2.5 earnings per share for the current year.

In related news, insider Jennifer Simmons sold 11,453 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $96.20, for a total value of $1,101,778.60. Following the sale, the insider now owns 19,110 shares of the company's stock, valued at $1,838,382. This trade represents a 37.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.94% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the business. LRI Investments LLC increased its stake in Planet Fitness by 61.2% during the 2nd 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. Quarry LP lifted its position in Planet Fitness by 174.7% in the second quarter. Quarry LP now owns 500 shares of the company's stock worth $37,000 after purchasing an additional 318 shares during the period. V Square Quantitative Management LLC increased its position in shares of Planet Fitness by 69.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 489 shares of the company's stock valued at $40,000 after purchasing an additional 201 shares during the period. GAMMA Investing LLC raised its stake in shares of Planet Fitness by 396.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,898 shares of the company's stock worth $154,000 after buying an additional 1,516 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Planet Fitness in the second quarter valued at $200,000. Institutional investors own 95.53% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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