Planet Fitness (NYSE:PLNT) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Planet Fitness (NYSE:PLNT) issued its quarterly earnings data on Tuesday. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.04, Briefing.com reports. The company had revenue of $277.60 million for the quarter, compared to analyst estimates of $268.18 million. Planet Fitness had a net margin of 12.80% and a negative return on equity of 102.85%. The company’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 earnings per share.

Planet Fitness Stock Performance

PLNT opened at $61.93 on Thursday. The firm has a market cap of $5.46 billion, a P/E ratio of 38.23, a PEG ratio of 0.96 and a beta of 1.32. The firm has a 50-day moving average of $53.21 and a 200 day moving average of $62.41. Planet Fitness has a fifty-two week low of $44.13 and a fifty-two week high of $85.90.

Institutional Investors Weigh In On Planet Fitness

Several institutional investors have recently added to or reduced their stakes in PLNT. Rockefeller Capital Management L.P. lifted its holdings in shares of Planet Fitness by 93.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 456 shares of the company’s stock worth $35,000 after buying an additional 220 shares in the last quarter. Quarry LP purchased a new stake in shares of Planet Fitness in the first quarter worth about $38,000. First Horizon Advisors Inc. lifted its holdings in shares of Planet Fitness by 28.1% in the first quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $69,000 after buying an additional 196 shares in the last quarter. Captrust Financial Advisors raised its stake in Planet Fitness by 23.0% in the first quarter. Captrust Financial Advisors now owns 1,172 shares of the company’s stock valued at $99,000 after purchasing an additional 219 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its stake in Planet Fitness by 357.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,318 shares of the company’s stock valued at $104,000 after purchasing an additional 1,030 shares in the last quarter. 95.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Macquarie lowered their price target on shares of Planet Fitness from $85.00 to $77.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 30th. Guggenheim lowered their price target on shares of Planet Fitness from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, September 18th. Piper Sandler lowered their price target on shares of Planet Fitness from $66.00 to $60.00 in a research report on Thursday, October 12th. Bank of America reduced their price objective on shares of Planet Fitness from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. Finally, JPMorgan Chase & Co. downgraded shares of Planet Fitness from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $70.00 to $52.00 in a research note on Tuesday, September 19th. Six 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. According to MarketBeat.com, Planet Fitness presently has a consensus rating of “Moderate Buy” and an average target price of $68.47.

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 Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.