Planet Fitness, Inc. (NYSE:PLNT) to Post Q3 2024 Earnings of $0.56 Per Share, Zacks Research Forecasts

Planet Fitness, Inc. (NYSE:PLNT) – Stock analysts at Zacks Research reduced their Q3 2024 earnings per share estimates for shares of Planet Fitness in a research report issued on Tuesday, August 27th. Zacks Research analyst R. Department now forecasts that the company will earn $0.56 per share for the quarter, down from their prior estimate of $0.57. The consensus estimate for Planet Fitness’ current full-year earnings is $2.43 per share. Zacks Research also issued estimates for Planet Fitness’ Q4 2024 earnings at $0.63 EPS and Q1 2025 earnings at $0.60 EPS.

A number of other research analysts also recently weighed in on the company. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and lifted their price target for the company from $62.00 to $100.00 in a report on Monday, June 10th. Piper Sandler boosted their price objective on shares of Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $87.00 price target (up from $80.00) on shares of Planet Fitness in a research note on Wednesday, August 7th. Raymond James boosted their target price on Planet Fitness from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, May 10th. Finally, TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and raised their price target for the stock from $66.00 to $92.00 in a research note on Monday, June 24th. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.87.

Planet Fitness Stock Performance

Planet Fitness stock opened at $81.56 on Thursday. The company has a 50 day moving average price of $76.01 and a 200 day moving average price of $67.94. Planet Fitness has a 52 week low of $44.13 and a 52 week high of $82.82. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 46.87, a P/E/G ratio of 2.65 and a beta of 1.49.

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 analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $290.17 million. During the same quarter last year, the business posted $0.65 EPS. Planet Fitness’s revenue was up 5.1% on a year-over-year basis.

Insiders Place Their Bets

In related news, CAO Brian O’donnell sold 6,424 shares of the company’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 6,778 shares in the company, valued at approximately $524,549.42. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 5.94% of the company’s stock.

Institutional Trading of Planet Fitness

A number of hedge funds have recently modified their holdings of PLNT. GAMMA Investing LLC lifted its stake in Planet Fitness by 478.8% during the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $28,000 after purchasing an additional 316 shares during the period. LRI Investments LLC lifted its holdings in shares of Planet Fitness by 61.2% during the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after acquiring an additional 153 shares during the period. Fidelis Capital Partners LLC acquired a new stake in shares of Planet Fitness in the 1st quarter valued at $27,000. Quarry LP increased its position in shares of Planet Fitness by 174.7% during the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 318 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in Planet Fitness by 24.4% during the 4th quarter. First Horizon Advisors Inc. now owns 1,006 shares of the company’s stock valued at $73,000 after purchasing an additional 197 shares during 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.