Q3 2024 EPS Estimates for Planet Fitness, Inc. Reduced by William Blair (NYSE:PLNT)

Planet Fitness, Inc. (NYSE:PLNT) – Investment analysts at William Blair decreased their Q3 2024 earnings estimates for Planet Fitness in a research note issued to investors on Tuesday, August 6th. William Blair analyst S. Zackfia now expects that the company will post earnings per share of $0.58 for the quarter, down from their prior estimate of $0.62. The consensus estimate for Planet Fitness’ current full-year earnings is $2.43 per share. William Blair also issued estimates for Planet Fitness’ FY2025 earnings at $2.78 EPS.

Several other equities research analysts also recently commented on the stock. Royal Bank of Canada upped their price target on shares of Planet Fitness from $77.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday. Roth Mkm upped their price target on shares of Planet Fitness from $73.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday. DA Davidson restated a “neutral” rating and issued a $62.00 price target on shares of Planet Fitness in a research report on Friday, June 14th. Piper Sandler upped their price target 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. Finally, BMO Capital Markets restated an “outperform” rating and issued a $87.00 price target (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $79.87.

Planet Fitness Stock Performance

Shares of NYSE:PLNT opened at $79.04 on Friday. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of 45.43, a PEG ratio of 2.57 and a beta of 1.49. Planet Fitness has a 1-year low of $44.13 and a 1-year high of $79.53. The company has a 50 day moving average price of $73.22 and a 200 day moving average price of $66.95.

Planet Fitness (NYSE:PLNT) last issued its 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 firm had revenue of $300.94 million during the quarter, compared to analysts’ expectations of $290.17 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the firm posted $0.65 earnings per share.

Insider Buying and Selling at Planet Fitness

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 value of $497,153.36. Following the completion of the sale, the chief accounting officer now directly owns 6,778 shares in the company, valued at $524,549.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On Planet Fitness

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its holdings in Planet Fitness by 17.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 897,910 shares of the company’s stock valued at $65,549,000 after purchasing an additional 133,541 shares during the last quarter. Broad Bay Capital Management LP grew its holdings in Planet Fitness by 15.4% during the fourth quarter. Broad Bay Capital Management LP now owns 1,223,000 shares of the company’s stock valued at $89,279,000 after purchasing an additional 163,000 shares during the last quarter. Vanguard Group Inc. grew its holdings in Planet Fitness by 1.2% during the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after purchasing an additional 97,823 shares during the last quarter. Bessemer Group Inc. grew its holdings in Planet Fitness by 24.9% during the first quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock valued at $14,335,000 after purchasing an additional 45,623 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new position in Planet Fitness during the first quarter valued at approximately $1,786,000. 95.53% of the stock is currently owned by institutional investors and hedge funds.

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.