FY2024 EPS Estimates for Planet Fitness, Inc. Raised by DA Davidson (NYSE:PLNT)

Planet Fitness, Inc. (NYSE:PLNT) – Research analysts at DA Davidson upped their FY2024 earnings estimates for shares of Planet Fitness in a report issued on Wednesday, August 7th. DA Davidson analyst L. Weiser now anticipates that the company will post earnings per share of $2.45 for the year, up from their prior forecast of $2.40. DA Davidson currently has a “Neutral” rating and a $62.00 target price on the stock. The consensus estimate for Planet Fitness’ current full-year earnings is $2.43 per share.

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

Several other brokerages have also recently issued reports on PLNT. StockNews.com raised shares of Planet Fitness from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. Jefferies Financial Group upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and boosted their price target for the stock from $62.00 to $100.00 in a research note on Monday, June 10th. Royal Bank of Canada increased their price objective on Planet Fitness from $77.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday. Morgan Stanley restated an “overweight” rating and set a $79.00 price target on shares of Planet Fitness in a report on Friday, June 14th. Finally, TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and lifted their price objective for the company from $66.00 to $92.00 in a research note on Monday, June 24th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $79.87.

Planet Fitness Trading Up 1.0 %

PLNT stock opened at $79.04 on Friday. The business’s fifty day moving average price is $73.22 and its 200 day moving average price is $66.95. Planet Fitness has a 12-month low of $44.13 and a 12-month high of $79.53. The company has a market capitalization of $6.97 billion, a PE ratio of 45.43, a P/E/G ratio of 2.57 and a beta of 1.49.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PLNT. Vanguard Group Inc. boosted its holdings in shares of Planet Fitness by 1.2% in the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after acquiring an additional 97,823 shares in the last quarter. Cadian Capital Management LP increased its position in Planet Fitness by 9.6% during the 4th quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock worth $323,417,000 after purchasing an additional 386,861 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Planet Fitness by 2.6% during the 1st quarter. Bank of New York Mellon Corp now owns 2,592,136 shares of the company’s stock worth $162,345,000 after buying an additional 66,139 shares in the last quarter. Dorsal Capital Management LP purchased a new position in shares of Planet Fitness during the 4th quarter worth approximately $182,500,000. Finally, William Blair Investment Management LLC acquired a new stake in shares of Planet Fitness in the 2nd quarter valued at approximately $166,978,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction that occurred on Wednesday, August 7th. The stock was 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 $524,549.42. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 5.94% 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.