Royal Bank of Canada Cuts Planet Fitness Price Target to $60.00
Planet Fitness (NYSE: PLNT) saw its price target reduced by Royal Bank of Canada from $65.00 to $60.00, as reported on Monday. Despite the cut, the bank maintained an "outperform" rating on the stock. The new target still suggests a potential upside of 45.65% from the current trading price.
The company has been the subject of multiple recent analyst reports. Weiss Ratings reaffirmed a "sell (d+)" rating, while KeyCorp and UBS Group both reissued "overweight" ratings. Robert W. Baird also lowered its price target to $60.00, though it kept an "outperform" rating. Contrarily, JPMorgan Chase & Co. increased its price objective to $62.00 with an "overweight" rating.
Overall, Planet Fitness holds a "Moderate Buy" consensus rating among analysts, with an average price target of $69.34. The stock opened at $41.20 on Monday, with a 52-week range of $37.03 to $114.26. The company reported quarterly earnings of $0.88 per share, beating estimates by $0.03, and revenue of $365.22 million, exceeding expectations of $356.21 million.
Insider activity included Director Christopher Tanco purchasing 2,328 shares at $51.23 each, while COO William Bode sold 7,000 shares at $51.22 each. Institutional investors and hedge funds own 95.53% of the company's stock, with several funds recently increasing their holdings.