Planet Fitness, Inc. (NYSE:PLNT) Forecasted to Post Q2 2024 Earnings of $0.68 Per Share

Planet Fitness, Inc. (NYSE:PLNT) – Equities research analysts at William Blair lowered their Q2 2024 earnings estimates for shares of Planet Fitness in a report released on Monday, April 29th. William Blair analyst S. Zackfia now anticipates that the company will post earnings per share of $0.68 for the quarter, down from their prior estimate of $0.72. The consensus estimate for Planet Fitness’ current full-year earnings is $2.48 per share. William Blair also issued estimates for Planet Fitness’ Q3 2024 earnings at $0.53 EPS and Q4 2024 earnings at $0.80 EPS.

A number of other brokerages have also recently commented on PLNT. Piper Sandler upped their price target on shares of Planet Fitness from $88.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, January 11th. Morgan Stanley reissued an “overweight” rating and issued a $79.00 price target on shares of Planet Fitness in a research note on Monday, April 1st. Stifel Nicolaus reduced their price objective on shares of Planet Fitness from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, February 23rd. DA Davidson reiterated a “neutral” rating and issued a $62.00 price objective on shares of Planet Fitness in a research note on Monday, February 5th. Finally, Royal Bank of Canada increased their target price on shares of Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $71.00.

Planet Fitness Stock Down 0.4 %

Shares of PLNT opened at $59.84 on Wednesday. The business has a 50-day simple moving average of $61.89 and a two-hundred day simple moving average of $64.95. Planet Fitness has a 12-month low of $44.13 and a 12-month high of $84.48. The stock has a market cap of $5.28 billion, a PE ratio of 36.94, a PEG ratio of 1.95 and a beta of 1.39.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The company had revenue of $285.10 million during the quarter, compared to the consensus estimate of $282.35 million. During the same period in the prior year, the business earned $0.53 earnings per share. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year.

Hedge Funds Weigh In On Planet Fitness

Several institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its position in shares of Planet Fitness by 247.6% in the fourth quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after purchasing an additional 255 shares during the period. McGlone Suttner Wealth Management Inc. bought a new position in Planet Fitness in the 4th quarter worth approximately $47,000. Asset Management One Co. Ltd. raised its holdings in Planet Fitness by 17.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock valued at $73,000 after acquiring an additional 148 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Planet Fitness by 24.4% in the fourth quarter. First Horizon Advisors Inc. now owns 1,006 shares of the company’s stock worth $73,000 after acquiring an additional 197 shares during the period. Finally, Quadrant Capital Group LLC grew its position in shares of Planet Fitness by 169.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,181 shares of the company’s stock valued at $86,000 after purchasing an additional 743 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.