DA Davidson Raises Earnings Estimates for Planet Fitness

Planet Fitness, Inc. (NYSE:PLNT) – Investment analysts at DA Davidson lifted their FY2024 earnings per share (EPS) estimates for shares of Planet Fitness in a report issued on Monday, December 2nd. DA Davidson analyst L. Weiser now expects that the company will earn $2.48 per share for the year, up from their prior forecast of $2.45. DA Davidson currently has a “Neutral” rating and a $87.00 target price on the stock. The consensus estimate for Planet Fitness’ current full-year earnings is $2.50 per share. DA Davidson also issued estimates for Planet Fitness’ Q4 2024 earnings at $0.60 EPS.

Several other equities research analysts have also recently weighed in on the company. Morgan Stanley increased their price objective on Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. Stifel Nicolaus raised their price target on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Raymond James upped their price objective 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, November 8th. Macquarie reissued a “neutral” rating and set a $99.00 target price (up from $91.00) on shares of Planet Fitness in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. boosted their price target on Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.38.

Planet Fitness Price Performance

Shares of PLNT opened at $99.39 on Tuesday. The company has a market capitalization of $8.41 billion, a PE ratio of 53.44, a price-to-earnings-growth ratio of 3.31 and a beta of 1.53. Planet Fitness has a one year low of $54.35 and a one year high of $102.81. The company’s fifty day moving average price is $87.11 and its 200 day moving average price is $79.05.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 million. During the same period last year, the company earned $0.59 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year.

Insider Buying and Selling at Planet Fitness

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of Planet Fitness stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the completion of the sale, the insider now owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Quest Partners LLC increased its holdings in shares of Planet Fitness by 126.0% in the third quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock worth $772,000 after acquiring an additional 5,298 shares in the last quarter. Premier Fund Managers Ltd acquired a new position in shares of Planet Fitness in the 3rd quarter valued at approximately $775,000. Qsemble Capital Management LP increased its stake in Planet Fitness by 100.6% during the 3rd quarter. Qsemble Capital Management LP now owns 20,972 shares of the company’s stock worth $1,703,000 after purchasing an additional 10,518 shares in the last quarter. Banco Santander S.A. acquired a new stake in Planet Fitness during the 3rd quarter worth approximately $637,000. Finally, Fifth Third Bancorp lifted its stake in Planet Fitness by 60.2% in the second quarter. Fifth Third Bancorp now owns 191,903 shares of the company’s stock valued at $14,122,000 after buying an additional 72,131 shares in the last quarter. Institutional investors and hedge funds own 95.53% of the company’s stock.

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.