Planet Fitness (NYSE:PLNT) Updates FY 2024 Earnings Guidance

Planet Fitness (NYSE:PLNT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.420-2.440 for the period, compared to the consensus earnings per share estimate of 2.440. The company issued revenue guidance of $1.2 billion-$1.2 billion, compared to the consensus revenue estimate of $1.1 billion.

Planet Fitness Stock Performance

NYSE:PLNT traded up $11.16 during trading hours on Thursday, reaching $95.81. The company’s stock had a trading volume of 1,307,471 shares, compared to its average volume of 1,534,183. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of 53.81, a PEG ratio of 2.64 and a beta of 1.49. The firm has a 50-day simple moving average of $81.21 and a 200-day simple moving average of $74.39. Planet Fitness has a 1 year low of $54.35 and a 1 year high of $98.59.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The firm had revenue of $300.94 million for the quarter, compared to analysts’ expectations of $290.17 million. During the same quarter in the previous year, the company earned $0.65 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. Equities analysts anticipate that Planet Fitness will post 2.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PLNT. Piper Sandler boosted their price objective 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. JPMorgan Chase & Co. lifted their target price on shares of Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Royal Bank of Canada lifted their target price on shares of Planet Fitness from $77.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Planet Fitness in a research note on Friday, September 27th. They set a “hold” rating and a $71.00 target price on the stock. Finally, BMO Capital Markets reaffirmed 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, August 7th. Four 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $85.93.

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.