Planet Fitness (NYSE:PLNT) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Planet Fitness (NYSE:PLNT) released 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 business had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. Planet Fitness’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted $0.59 earnings per share. Planet Fitness updated its FY 2024 guidance to 2.420-2.440 EPS.

Planet Fitness Price Performance

Shares of Planet Fitness stock opened at $95.31 on Friday. The stock has a fifty day moving average price of $81.75 and a 200-day moving average price of $74.88. The firm has a market cap of $8.12 billion, a PE ratio of 51.24, a P/E/G ratio of 2.84 and a beta of 1.49. Planet Fitness has a 1 year low of $54.35 and a 1 year high of $98.59.

Analyst Ratings Changes

A number of brokerages have recently commented on PLNT. Macquarie reissued a “neutral” rating and set a $99.00 price target (up from $91.00) on shares of Planet Fitness in a research note on Friday. Raymond James lifted their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a research report on Friday. Royal Bank of Canada upped their price target on shares of Planet Fitness from $87.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday. Bank of America lifted their price target on shares of Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Stifel Nicolaus upped their price target on Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $91.81.

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.