William Blair Weighs in on Planet Fitness, Inc.’s Q1 2024 Earnings (NYSE:PLNT)

Planet Fitness, Inc. (NYSE:PLNT) – Research analysts at William Blair raised their Q1 2024 earnings per share (EPS) estimates for shares of Planet Fitness in a research report issued on Monday, April 29th. William Blair analyst S. Zackfia now forecasts that the company will post earnings of $0.47 per share for the quarter, up from their previous forecast of $0.46. The consensus estimate for Planet Fitness’ current full-year earnings is $2.48 per share. William Blair also issued estimates for Planet Fitness’ FY2024 earnings at $2.48 EPS.

Several other research firms have also recently weighed in on PLNT. StockNews.com raised Planet Fitness from a “sell” rating to a “hold” rating in a research report on Tuesday. DA Davidson restated a “neutral” rating and set a $62.00 target price on shares of Planet Fitness in a report on Monday, February 5th. Stifel Nicolaus cut their price target on shares of Planet Fitness from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. JPMorgan Chase & Co. decreased their price objective on Planet Fitness from $75.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, February 26th. Finally, Royal Bank of Canada upped their target price on Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $71.00.

Planet Fitness Trading Down 2.0 %

PLNT stock opened at $58.66 on Thursday. The stock has a 50-day moving average price of $61.78 and a two-hundred day moving average price of $65.02. Planet Fitness has a 1 year low of $44.13 and a 1 year high of $83.11. The stock has a market cap of $5.17 billion, a PE ratio of 36.21, a price-to-earnings-growth ratio of 1.95 and a beta of 1.37.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share for the quarter, beating 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 analysts’ expectations of $282.35 million. During the same quarter in the prior year, the company earned $0.53 earnings per share. The business’s quarterly revenue was up 1.4% compared to the same quarter last year.

Institutional Investors Weigh In On Planet Fitness

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC lifted its position in Planet Fitness by 109.5% during the third quarter. CWM LLC now owns 1,460 shares of the company’s stock worth $72,000 after purchasing an additional 763 shares during the period. SG Americas Securities LLC increased its stake in Planet Fitness by 18.1% in the third quarter. SG Americas Securities LLC now owns 7,741 shares of the company’s stock valued at $381,000 after acquiring an additional 1,186 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in Planet Fitness by 679.8% during the third quarter. Commonwealth Equity Services LLC now owns 31,978 shares of the company’s stock worth $1,573,000 after purchasing an additional 27,877 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Planet Fitness by 7.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 71,355 shares of the company’s stock valued at $3,509,000 after purchasing an additional 4,863 shares in the last quarter. Finally, Pelham Capital Ltd. bought a new position in shares of Planet Fitness in the 3rd quarter valued at $36,172,000. 95.53% of the stock is currently owned by institutional investors and hedge funds.

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.