Planet Fitness, Inc. (NYSE:PLNT) to post earnings of $2.45 per share in fiscal 2024, DA Davidson predicts

VaselineAugust 9, 2024

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

Planet Fitness (NYSE:PLNT – Get Your Free Report ) last posted 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. 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 140.14% and a net margin of 13.66%. Planet Fitness’s quarterly revenue was up 5.1% on a year-over-year basis. In the same period last year, the company earned $0.65 per share.

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Several other analysts also recently weighed in on PLNT. Royal Bank of Canada boosted their price objective on shares of Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday. TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and increased their target price for the stock from $66.00 to $92.00 in a research report on Monday, June 24th . Raymond James boosted their price target on Planet Fitness from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, May 10th. Finally, BMO Capital Markets restated an “outperform” rating and set a $87.00 target price (up previously from $80.00) on shares of Planet Fitness in a research note on Wednesday . Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Planet Fitness presently has an average rating of “Moderate Buy” and a consensus price target of $79.87, based on data from MarketBeat.

Get the latest stock analysis on Planet Fitness

Planet Fitness stock performance

Shares of NYSE PLNT opened at $78.23 on Friday. The stock’s 50-day simple moving average is $72.91, and its 200-day simple moving average is $66.96. The firm has a market cap of $6.90 billion, a PE ratio of 44.96, a price-to-earnings-growth ratio of 2.44 and a beta of 1.49. Planet Fitness has a fifty-two week low of $44.13 and a fifty-two week high of $79.10.

Institutional inputs and outputs

Institutional investors have recently modified their holdings of the stock. Allworth Financial LP increased its position in Planet Fitness by 247.6% during the fourth quarter. Allworth Financial LP now owns 358 shares of the company’s stock worth $26,000 after buying an additional 255 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of Planet Fitness in the first quarter valued at $27,000. GAMMA Investing LLC boosted its stake in shares of Planet Fitness by 478.8% in the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after acquiring an additional 316 shares in the last quarter. LRI Investments LLC raised its position 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. Finally, Asset Management One Co. Ltd. boosted its stake in Planet Fitness by 17.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock valued at $73,000 after purchasing an additional 148 shares in the last quarter. 95.53% of shares are currently held by institutional investors and hedge funds.

Indoor activity

In other news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total value of $497,153.36. Following the completion of the transaction, the chief accounting officer now owns 6,778 shares in the company, valued at $524,549.42. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 5.94% of the company’s shares.

About Planet Fitness

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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 engaged in franchise business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia.