Royal Bank of Canada Lowers Planet Fitness (NYSE:PLNT) Price Target to $77.00

Planet Fitness (NYSE:PLNT) had its price objective decreased by Royal Bank of Canada from $80.00 to $77.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 20.03% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Morgan Stanley reiterated an “overweight” rating and issued a $79.00 price target on shares of Planet Fitness in a research note on Monday, April 1st. JPMorgan Chase & Co. decreased their price objective on Planet Fitness from $75.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, February 26th. Stifel Nicolaus downgraded Planet Fitness from a “buy” rating to a “hold” rating and decreased their price objective for the company from $80.00 to $70.00 in a report on Friday. DA Davidson restated a “neutral” rating and issued a $62.00 price objective on shares of Planet Fitness in a report on Thursday. Finally, Robert W. Baird increased their price objective on Planet Fitness from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Friday. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $70.93.

Planet Fitness Price Performance

NYSE:PLNT traded down $1.17 during trading hours on Friday, reaching $64.15. 620,338 shares of the company were exchanged, compared to its average volume of 1,703,031. The company has a market capitalization of $5.66 billion, a P/E ratio of 39.54, a P/E/G ratio of 1.93 and a beta of 1.37. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $75.86. The business has a 50 day moving average of $61.48 and a 200 day moving average of $65.21.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, May 9th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The firm had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $249.48 million. During the same period in the prior year, the company earned $0.41 earnings per share. The company’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, equities research analysts anticipate that Planet Fitness will post 2.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Planet Fitness

Several large investors have recently added to or reduced their stakes in PLNT. Allworth Financial LP lifted its position in shares of Planet Fitness by 247.6% during the 4th quarter. Allworth Financial LP now owns 358 shares of the company’s stock worth $26,000 after buying an additional 255 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Planet Fitness during the 1st quarter worth approximately $27,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Planet Fitness during the 4th quarter worth approximately $47,000. Covestor Ltd lifted its position in shares of Planet Fitness by 19.5% during the 3rd quarter. Covestor Ltd now owns 1,460 shares of the company’s stock worth $72,000 after buying an additional 238 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in shares of Planet Fitness by 17.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock worth $73,000 after buying an additional 148 shares in the last quarter. Institutional investors 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.