Brokers Issue Forecasts for Planet Fitness FY2024 Earnings

Planet Fitness, Inc. (NYSE:PLNT) – Analysts at William Blair lifted their FY2024 earnings per share estimates for shares of Planet Fitness in a research note issued to investors on Thursday, November 7th. William Blair analyst S. Zackfia now anticipates that the company will earn $2.50 per share for the year, up from their prior estimate of $2.44. The consensus estimate for Planet Fitness’ current full-year earnings is $2.47 per share. William Blair also issued estimates for Planet Fitness’ FY2025 earnings at $2.86 EPS.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The firm had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. During the same quarter in the prior year, the firm posted $0.59 earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year.

PLNT has been the topic of several other reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $87.00 price objective (up from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. Raymond James boosted their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a report on Friday. Stifel Nicolaus increased their price target on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft started coverage on shares of Planet Fitness in a research note on Friday, September 27th. They set a “hold” rating and a $71.00 price objective on the stock. Finally, 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. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Planet Fitness currently has a consensus rating of “Moderate Buy” and an average target price of $91.81.

Planet Fitness Stock Performance

NYSE PLNT opened at $95.19 on Monday. Planet Fitness has a fifty-two week low of $54.35 and a fifty-two week high of $98.59. The stock has a market cap of $8.11 billion, a P/E ratio of 51.18, a price-to-earnings-growth ratio of 3.18 and a beta of 1.49. The stock has a 50 day simple moving average of $82.03 and a two-hundred day simple moving average of $75.22.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Planet Fitness by 26.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,582 shares of the company’s stock worth $851,000 after acquiring an additional 2,831 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Planet Fitness by 228.8% in the first quarter. BNP Paribas Financial Markets now owns 23,069 shares of the company’s stock worth $1,445,000 after purchasing an additional 16,053 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Planet Fitness by 1.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company’s stock worth $1,026,000 after buying an additional 174 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Planet Fitness by 6.1% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,585 shares of the company’s stock valued at $600,000 after buying an additional 553 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in Planet Fitness by 46.5% in the 1st quarter. SG Americas Securities LLC now owns 7,931 shares of the company’s stock valued at $497,000 after buying an additional 2,517 shares during the period. 95.53% of the stock is owned by hedge funds and other institutional investors.

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.