Royal Bank of Canada Reaffirms “Outperform” Rating for Planet Fitness (NYSE:PLNT)

Planet Fitness (NYSE:PLNT)‘s stock had its “outperform” rating reissued by equities researchers at Royal Bank of Canada in a research note issued to investors on Monday,Benzinga reports. They currently have a $120.00 price target on the stock. Royal Bank of Canada’s target price points to a potential upside of 22.17% from the stock’s current price.

A number of other brokerages also recently issued reports on PLNT. Piper Sandler raised their price objective on Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Raymond James boosted their price objective on Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research note on Friday, November 8th. Macquarie reaffirmed a “neutral” rating and set a $99.00 target price (up previously from $91.00) on shares of Planet Fitness in a research note on Friday, November 8th. Morgan Stanley boosted their price target on Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research note on Tuesday, October 29th. Finally, Stifel Nicolaus lifted their price objective on shares of Planet Fitness from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $97.69.

Planet Fitness Stock Performance

Shares of NYSE:PLNT traded up $1.33 during mid-day trading on Monday, reaching $98.22. 466,893 shares of the company’s stock were exchanged, compared to its average volume of 1,389,704. Planet Fitness has a twelve month low of $54.35 and a twelve month high of $110.00. The firm has a market capitalization of $8.31 billion, a price-to-earnings ratio of 52.81, a PEG ratio of 2.45 and a beta of 1.53. The business’s fifty day moving average price is $102.81 and its 200-day moving average price is $92.02.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PLNT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Planet Fitness by 8.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 290,457 shares of the company’s stock valued at $28,717,000 after buying an additional 22,687 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Planet Fitness by 1.3% during the fourth quarter. Tidal Investments LLC now owns 29,340 shares of the company’s stock worth $2,901,000 after acquiring an additional 383 shares in the last quarter. State of Wyoming grew its position in shares of Planet Fitness by 177.9% in the fourth quarter. State of Wyoming now owns 7,423 shares of the company’s stock valued at $734,000 after purchasing an additional 4,752 shares in the last quarter. Redwood Investment Management LLC purchased a new position in shares of Planet Fitness in the fourth quarter valued at $1,427,000. Finally, ProShare Advisors LLC raised its stake in shares of Planet Fitness by 6.8% during the 4th quarter. ProShare Advisors LLC now owns 3,939 shares of the company’s stock valued at $389,000 after purchasing an additional 252 shares during the period. Hedge funds and other 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.