Planet Fitness (NYSE:PLNT) Receives “Outperform” Rating from Royal Bank of Canada

Planet Fitness (NYSE:PLNT)‘s stock had its “outperform” rating reaffirmed by investment analysts at Royal Bank of Canada in a report released on Monday,Benzinga reports. They presently have a $120.00 price target on the stock. Royal Bank of Canada’s target price indicates a potential upside of 22.17% from the stock’s current price.

Several other brokerages also recently commented on PLNT. Piper Sandler raised their target price on shares of Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. DA Davidson reiterated a “neutral” rating and issued a $87.00 price objective on shares of Planet Fitness in a report on Tuesday, January 21st. Robert W. Baird lifted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Macquarie reissued a “neutral” rating and set a $99.00 price target (up from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their target price on Planet Fitness from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Planet Fitness presently has an average rating of “Moderate Buy” and an average price target of $97.69.

Planet Fitness Stock Performance

PLNT stock traded up $1.33 during midday trading on Monday, hitting $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 one year low of $54.35 and a one year high of $110.00. The company has a market cap of $8.31 billion, a PE ratio of 52.81, a price-to-earnings-growth ratio of 2.45 and a beta of 1.53. The stock’s fifty day moving average price is $102.81 and its 200-day moving average price is $92.02.

Institutional Trading of Planet Fitness

Several large investors have recently modified their holdings of PLNT. T. Rowe Price Investment Management Inc. lifted its position in Planet Fitness by 48.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company’s stock worth $782,169,000 after purchasing an additional 2,570,826 shares during the period. Ninety One UK Ltd bought a new stake in shares of Planet Fitness during the 4th quarter worth approximately $130,376,000. Norges Bank acquired a new stake in shares of Planet Fitness during the 4th quarter worth approximately $100,009,000. FMR LLC increased its stake in Planet Fitness by 666.9% in the third quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after acquiring an additional 691,761 shares during the last quarter. Finally, Nomura Holdings Inc. increased its stake in shares of Planet Fitness by 103.4% in the 4th quarter. Nomura Holdings Inc. now owns 11,170 shares of the company’s stock valued at $1,104,000 after purchasing an additional 340,370 shares during the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

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.