Planet Fitness, Inc. $PLNT Shares Bought by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its stake in Planet Fitness, Inc. by 8.2% in Q1, owning 163,546 shares worth approximately $15.8 million.
• Planet Fitness reported earnings of $0.86 per share for the last quarter, exceeding estimates and showing a 13.3% revenue increase year-over-year.
• Analysts have issued a consensus rating of “Moderate Buy” for Planet Fitness, with target prices ranging from $95.00 to $126.00 from various firms.

Royal Bank of Canada lifted its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 8.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 163,546 shares of the company's stock after acquiring an additional 12,450 shares during the period. Royal Bank of Canada owned 0.19% of Planet Fitness worth $15,800,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Invesco Ltd. grew its position in Planet Fitness by 358.0% in the 1st quarter. Invesco Ltd. now owns 2,211,139 shares of the company's stock valued at $213,618,000 after buying an additional 1,728,407 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Planet Fitness by 62.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,289,606 shares of the company's stock valued at $317,810,000 after buying an additional 1,268,262 shares during the last quarter. Ninety One UK Ltd grew its position in Planet Fitness by 61.1% in the 1st quarter. Ninety One UK Ltd now owns 2,124,679 shares of the company's stock valued at $205,265,000 after buying an additional 806,023 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in Planet Fitness in the 1st quarter valued at $54,384,000. Finally, Junto Capital Management LP acquired a new stake in Planet Fitness in the first quarter valued at $52,580,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PLNT shares. Raymond James Financial restated a "strong-buy" rating on shares of Planet Fitness in a research report on Thursday, August 7th. Canaccord Genuity Group restated a "buy" rating and set a $126.00 target price on shares of Planet Fitness in a research report on Monday. Finally, Stifel Nicolaus set a $120.00 target price on shares of Planet Fitness and gave the stock a "buy" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Planet Fitness currently has a consensus rating of "Moderate Buy" and a consensus target price of $108.64.

Planet Fitness Trading Down 1.4%

Shares of NYSE:PLNT traded down $1.40 during midday trading on Monday, hitting $100.37. 1,098,939 shares of the stock were exchanged, compared to its average volume of 968,631. The stock has a market cap of $8.45 billion, a P/E ratio of 44.61, a PEG ratio of 2.26 and a beta of 1.37. Planet Fitness, Inc. has a twelve month low of $77.77 and a twelve month high of $114.47. The company has a 50 day moving average price of $107.18 and a 200-day moving average price of $102.35.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.07. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. The firm had revenue of $340.88 million during the quarter, compared to the consensus estimate of $329.59 million. During the same quarter in the previous year, the company posted $0.71 EPS. The firm's revenue for the quarter was up 13.3% on a year-over-year basis. On average, equities research analysts expect that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

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.