Planet Fitness (NYSE:PLNT) Announces Quarterly Earnings Results

Planet Fitness (NYSE:PLNT) posted its quarterly earnings data on Thursday. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07, Briefing.com reports. The firm had revenue of $292.20 million for the quarter, compared to analysts’ expectations of $283.79 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $0.59 EPS. Planet Fitness updated its FY 2024 guidance to 2.420-2.440 EPS.

Planet Fitness Stock Up 1.1 %

PLNT stock traded up $0.99 during trading on Friday, hitting $95.16. The company had a trading volume of 1,320,873 shares, compared to its average volume of 1,552,144. The firm has a market capitalization of $8.10 billion, a P/E ratio of 52.24, a PEG ratio of 2.64 and a beta of 1.49. Planet Fitness has a 52-week low of $54.35 and a 52-week high of $98.59. The company has a 50 day simple moving average of $81.47 and a 200-day simple moving average of $74.53.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PLNT shares. Macquarie restated a “neutral” rating and set a $99.00 price objective (up previously from $91.00) on shares of Planet Fitness in a research report on Friday. 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 note on Thursday, July 11th. Deutsche Bank Aktiengesellschaft started coverage on shares of Planet Fitness in a report on Friday, September 27th. They set a “hold” rating and a $71.00 price objective for the company. Stifel Nicolaus upped their target price on shares of Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley upped their target price on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th. Five investment 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 stock. Based on data from MarketBeat, Planet Fitness presently has an average rating of “Moderate Buy” and an average target price of $91.81.

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.