Planet Fitness, Inc. (NYSE:PLNT) to Post Q3 2024 Earnings of $0.58 Per Share, William Blair Forecasts

Planet Fitness, Inc. (NYSE:PLNT) – Investment analysts at William Blair cut their Q3 2024 earnings per share (EPS) estimates for Planet Fitness in a research note issued on Tuesday, August 6th. William Blair analyst S. Zackfia now expects that the company will post earnings of $0.58 per share for the quarter, down from their previous forecast of $0.62. The consensus estimate for Planet Fitness’ current full-year earnings is $2.43 per share. William Blair also issued estimates for Planet Fitness’ FY2025 earnings at $2.78 EPS.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The firm had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. During the same period last year, the company earned $0.65 earnings per share. The company’s revenue for the quarter was up 5.1% on a year-over-year basis.

PLNT has been the topic of several other reports. Robert W. Baird increased their price target on shares of Planet Fitness from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Planet Fitness from $78.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday. BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price objective (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday. StockNews.com raised shares of Planet Fitness from a “sell” rating to a “hold” rating in a report on Wednesday, May 8th. Finally, Roth Mkm raised their price target on shares of Planet Fitness from $73.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Planet Fitness currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.87.

Planet Fitness Trading Up 1.0 %

Shares of PLNT opened at $79.04 on Friday. The firm’s 50-day moving average is $73.22 and its two-hundred day moving average is $66.95. Planet Fitness has a twelve month low of $44.13 and a twelve month high of $79.53. The firm has a market capitalization of $6.97 billion, a P/E ratio of 45.43, a PEG ratio of 2.57 and a beta of 1.49.

Insider Activity

In related news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total transaction of $497,153.36. Following the transaction, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. 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 worth $73,000 after buying an additional 148 shares during the period. International Assets Investment Management LLC boosted its position in Planet Fitness by 886.5% during the fourth quarter. International Assets Investment Management LLC now owns 5,840 shares of the company’s stock worth $426,000 after purchasing an additional 5,248 shares during the period. Allworth Financial LP boosted 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 acquiring an additional 255 shares during the period. Friedenthal Financial bought a new stake in shares of Planet Fitness in the fourth quarter valued at about $728,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Planet Fitness in the fourth quarter valued at about $1,752,000. Institutional investors own 95.53% of the company’s stock.

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.