Planet Fitness (NYSE:PLNT) Posts Earnings Results, Beats Estimates By $0.07 EPS

Planet Fitness (NYSE:PLNT) issued its earnings results on Thursday. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07, Briefing.com reports. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The company had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. During the same quarter last year, the company earned $0.59 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Planet Fitness updated its FY 2024 guidance to 2.420-2.440 EPS.

Planet Fitness Trading Up 1.2 %

Shares of PLNT stock traded up $1.14 during trading hours on Friday, reaching $95.31. 1,981,468 shares of the stock were exchanged, compared to its average volume of 1,555,188. The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of 52.29, a price-to-earnings-growth ratio of 2.84 and a beta of 1.49. Planet Fitness has a 12-month low of $54.35 and a 12-month high of $98.59. The company’s 50-day moving average price is $81.47 and its 200-day moving average price is $74.53.

Wall Street Analysts Forecast Growth

PLNT has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday. Raymond James boosted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a research note on Friday. BMO Capital Markets restated an “outperform” rating and set a $87.00 price objective (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. Bank of America boosted their target price on Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Stifel Nicolaus raised their price target on Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $91.81.

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.