FY2024 EPS Forecast for Planet Fitness Lifted by Analyst

Planet Fitness, Inc. (NYSE:PLNT) – Investment analysts at DA Davidson upped their FY2024 earnings per share estimates for Planet Fitness in a note issued to investors on Monday, December 2nd. DA Davidson analyst L. Weiser now anticipates that the company will post earnings per share of $2.48 for the year, up from their prior forecast of $2.45. DA Davidson currently has a “Neutral” rating and a $87.00 target price on the stock. The consensus estimate for Planet Fitness’ current full-year earnings is $2.50 per share. DA Davidson also issued estimates for Planet Fitness’ Q4 2024 earnings at $0.60 EPS.

PLNT has been the topic of a number of other reports. Roth Mkm boosted their price objective on shares of Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Raymond James lifted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Macquarie reiterated a “neutral” rating and set a $99.00 price target (up previously from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Robert W. Baird increased their price objective on Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada boosted their target price on Planet Fitness from $87.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $93.38.

Planet Fitness Stock Up 0.0 %

Shares of PLNT stock opened at $99.59 on Tuesday. The firm has a market cap of $8.42 billion, a price-to-earnings ratio of 53.54, a PEG ratio of 3.30 and a beta of 1.53. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $102.81. The company’s 50 day moving average is $87.11 and its 200 day moving average is $79.05.

Planet Fitness (NYSE:PLNT) last released its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. The company had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. Planet Fitness’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.59 EPS.

Insider Activity

In other news, insider Jennifer Simmons sold 11,453 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the sale, the insider now owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. This trade represents a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.83% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Hedge funds have recently bought and sold shares of the company. M&T Bank Corp boosted its position in Planet Fitness by 2.6% during the 3rd quarter. M&T Bank Corp now owns 4,947 shares of the company’s stock valued at $402,000 after buying an additional 124 shares during the period. Verdence Capital Advisors LLC boosted its stake in shares of Planet Fitness by 4.5% during the third quarter. Verdence Capital Advisors LLC now owns 3,047 shares of the company’s stock valued at $247,000 after purchasing an additional 132 shares during the period. LRI Investments LLC raised its holdings in Planet Fitness by 61.2% in the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after purchasing an additional 153 shares in the last quarter. Creative Planning boosted its position in Planet Fitness by 2.1% in the third quarter. Creative Planning now owns 9,144 shares of the company’s stock valued at $743,000 after buying an additional 192 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in shares of Planet Fitness by 0.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company’s stock valued at $1,825,000 after buying an additional 200 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.