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

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

Planet Fitness Stock Up 1.1 %

Shares of PLNT stock traded up $0.99 on Friday, reaching $95.16. The company’s stock had a trading volume of 1,320,873 shares, compared to its average volume of 1,552,144. The company 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 12-month low of $54.35 and a 12-month high of $98.59. The stock’s 50 day simple moving average is $81.47 and its 200-day simple moving average is $74.53.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PLNT. Raymond James boosted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research report on Friday. JPMorgan Chase & Co. increased their price objective on Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday. Morgan Stanley upped their price target on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 29th. Roth Mkm increased their price objective on Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler increased their price objective on Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Five investment 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.