William Blair Weighs in on Planet Fitness, Inc.’s Q1 2024 Earnings (NYSE:PLNT)

Planet Fitness, Inc. (NYSE:PLNT) – William Blair lifted their Q1 2024 earnings per share estimates for shares of Planet Fitness in a report released on Monday, April 29th. William Blair analyst S. Zackfia now forecasts that the company will earn $0.47 per share for the quarter, up from their previous estimate of $0.46. The consensus estimate for Planet Fitness’ current full-year earnings is $2.48 per share. William Blair also issued estimates for Planet Fitness’ FY2024 earnings at $2.48 EPS.

A number of other research firms have also issued reports on PLNT. Morgan Stanley reaffirmed an “overweight” rating and issued a $79.00 target price on shares of Planet Fitness in a report on Monday, April 1st. DA Davidson restated a “neutral” rating and issued a $62.00 price target on shares of Planet Fitness in a research report on Monday, February 5th. JPMorgan Chase & Co. reduced their target price on shares of Planet Fitness from $75.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, February 26th. Stifel Nicolaus decreased their price target on shares of Planet Fitness from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, February 23rd. Finally, Royal Bank of Canada increased their price objective on Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Planet Fitness currently has a consensus rating of “Moderate Buy” and an average price target of $71.00.

Planet Fitness Price Performance

PLNT stock opened at $59.52 on Thursday. The company has a 50-day moving average of $61.59 and a two-hundred day moving average of $64.94. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of 36.74, a price-to-earnings-growth ratio of 1.91 and a beta of 1.37. Planet Fitness has a 52-week low of $44.13 and a 52-week high of $75.86.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The company had revenue of $285.10 million for the quarter, compared to analyst estimates of $282.35 million. During the same quarter last year, the firm posted $0.53 earnings per share. The company’s quarterly revenue was up 1.4% compared to the same quarter last year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Cadian Capital Management LP lifted its stake in Planet Fitness by 164.7% in the third quarter. Cadian Capital Management LP now owns 4,043,507 shares of the company’s stock valued at $198,860,000 after buying an additional 2,516,007 shares during the period. Dorsal Capital Management LP bought a new position in Planet Fitness during the 4th quarter worth approximately $182,500,000. Greenvale Capital LLP grew its holdings in Planet Fitness by 291.3% during the fourth quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock valued at $127,103,000 after purchasing an additional 1,296,140 shares during the period. Norges Bank acquired a new position in Planet Fitness during the fourth quarter valued at approximately $65,674,000. Finally, Pelham Capital Ltd. bought a new stake in Planet Fitness in the third quarter valued at approximately $36,172,000. Institutional investors 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.