Q2 2024 Earnings Forecast for Planet Fitness, Inc. (NYSE:PLNT) Issued By William Blair

Planet Fitness, Inc. (NYSE:PLNT) – William Blair decreased their Q2 2024 earnings per share estimates for shares of Planet Fitness in a research note issued to investors on Thursday, July 25th. William Blair analyst S. Zackfia now expects that the company will earn $0.65 per share for the quarter, down from their prior estimate of $0.67. The consensus estimate for Planet Fitness’ current full-year earnings is $2.43 per share. William Blair also issued estimates for Planet Fitness’ Q3 2024 earnings at $0.62 EPS and Q4 2024 earnings at $0.64 EPS.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The firm had revenue of $248.00 million for the quarter, compared to analysts’ expectations of $249.48 million. Planet Fitness had a net margin of 13.66% and a negative return on equity of 140.14%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 EPS.

Other analysts have also issued reports about the company. Stifel Nicolaus lowered Planet Fitness from a “buy” rating to a “hold” rating and lowered their price target for the stock from $80.00 to $70.00 in a research note on Friday, May 10th. Piper Sandler upped their target price on shares of Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. StockNews.com upgraded shares of Planet Fitness from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. TD Cowen upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and boosted their price target for the stock from $66.00 to $92.00 in a research report on Monday, June 24th. Finally, Jefferies Financial Group upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and increased their price objective for the company from $62.00 to $100.00 in a report on Monday, June 10th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.64.

Planet Fitness Trading Down 0.9 %

PLNT stock opened at $74.70 on Friday. Planet Fitness has a 12-month low of $44.13 and a 12-month high of $79.09. The business’s 50-day moving average is $70.67 and its 200 day moving average is $66.93. The stock has a market cap of $6.59 billion, a price-to-earnings ratio of 42.93, a PEG ratio of 2.53 and a beta of 1.49.

Hedge Funds Weigh In On Planet Fitness

Several large investors have recently modified their holdings of PLNT. Allworth Financial LP raised its holdings in Planet Fitness by 247.6% in the 4th quarter. Allworth Financial LP now owns 358 shares of the company’s stock valued at $26,000 after buying an additional 255 shares during the period. Fidelis Capital Partners LLC acquired a new stake in shares of Planet Fitness during the first quarter valued at about $27,000. GAMMA Investing LLC raised its stake in shares of Planet Fitness by 478.8% in the 2nd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after acquiring an additional 316 shares during the period. LRI Investments LLC raised its stake in shares of Planet Fitness by 61.2% in the 2nd 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. Finally, McGlone Suttner Wealth Management Inc. acquired a new position in shares of Planet Fitness in the 4th quarter worth approximately $47,000. Institutional investors and hedge funds 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.