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

Planet Fitness (NYSE:PLNT - Get Free Report) released its earnings results on Thursday. The company reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.04, Briefing.com reports. The business had revenue of $248.00 million during the quarter, compared to the consensus estimate of $249.48 million. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. Planet Fitness updated its FY 2024 guidance to 2.400-2.440 EPS and its FY24 guidance to $2.40-$2.44 EPS.

Planet Fitness Stock Performance

Shares of PLNT stock traded down $0.37 during midday trading on Friday, hitting $64.95. 2,388,457 shares of the company were exchanged, compared to its average volume of 1,783,010. The firm has a market capitalization of $5.73 billion, a P/E ratio of 40.09, a PEG ratio of 1.97 and a beta of 1.37. The firm's 50 day moving average price is $61.54 and its two-hundred day moving average price is $65.29. Planet Fitness has a 52 week low of $44.13 and a 52 week high of $75.86.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PLNT shares. Stifel Nicolaus downgraded shares of Planet Fitness from a "buy" rating to a "hold" rating and decreased their target price for the company from $80.00 to $70.00 in a research report on Friday. Piper Sandler raised their target price on shares of Planet Fitness from $88.00 to $89.00 and gave the company an "overweight" rating in a research report on Thursday, January 11th. Robert W. Baird raised their target price on shares of Planet Fitness from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Friday. StockNews.com raised shares of Planet Fitness from a "sell" rating to a "hold" rating in a research report on Wednesday. Finally, Morgan Stanley reissued an "overweight" rating and issued a $79.00 price objective on shares of Planet Fitness in a research report on Monday, April 1st. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $71.43.

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.