Analysts Issue Forecasts for Planet Fitness, Inc.’s Q3 2024 Earnings (NYSE:PLNT)

Planet Fitness, Inc. (NYSE:PLNT) – Analysts at Zacks Research dropped their Q3 2024 earnings per share (EPS) estimates for Planet Fitness in a research note issued to investors on Tuesday, August 27th. Zacks Research analyst R. Department now expects that the company will earn $0.56 per share for the quarter, down from their prior forecast 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.

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

Several other analysts also recently weighed in on the company. Raymond James lifted their target price on Planet Fitness from $75.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, May 10th. Roth Mkm raised their price objective on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. StockNews.com raised Planet Fitness from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. Jefferies Financial Group raised Planet Fitness from a “hold” rating to a “buy” rating and boosted their price target for the company from $62.00 to $100.00 in a report on Monday, June 10th. Finally, Piper Sandler lifted their target price 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. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.87.

Planet Fitness Stock Performance

Shares of PLNT opened at $81.05 on Thursday. Planet Fitness has a fifty-two week low of $44.13 and a fifty-two week high of $82.82. The company’s fifty day moving average is $76.17 and its 200 day moving average is $68.03. The stock has a market capitalization of $7.15 billion, a PE ratio of 46.58, a P/E/G ratio of 2.65 and a beta of 1.49.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Heritage Oak Wealth Advisors LLC acquired a new stake in shares of Planet Fitness during the second quarter worth $2,013,000. Granite Bay Wealth Management LLC acquired a new stake in Planet Fitness during the 2nd quarter valued at $1,391,000. Point72 Asset Management L.P. increased its position in Planet Fitness by 169.8% during the second quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after buying an additional 829,509 shares in the last quarter. Quarry LP increased its position in 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, Creative Planning grew its holdings in shares of Planet Fitness by 16.6% during the second quarter. Creative Planning now owns 8,952 shares of the company’s stock worth $659,000 after buying an additional 1,277 shares in the last quarter. Institutional investors and hedge funds own 95.53% of the company’s stock.

Insider Buying and Selling

In other news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total value of $497,153.36. Following the sale, the chief accounting officer now directly owns 6,778 shares in the company, valued at approximately $524,549.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.94% of the stock is owned by corporate insiders.

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.