Planet Fitness (NYSE:PLNT) Updates FY24 Earnings Guidance

Planet Fitness (NYSE:PLNT - Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $2.40-$2.44 for the period, compared to the consensus EPS estimate of $2.49. The company issued revenue guidance of $1.14-$1.16, compared to the consensus revenue estimate of $1.14 billion. Planet Fitness also updated its FY 2024 guidance to 2.400-2.440 EPS.

Analyst Upgrades and Downgrades

Several research firms recently commented on PLNT. StockNews.com upgraded Planet Fitness from a sell rating to a hold rating in a research note on Wednesday. DA Davidson reissued a neutral rating and issued a $62.00 price objective on shares of Planet Fitness in a report on Monday, February 5th. Royal Bank of Canada boosted their price objective on Planet Fitness from $74.00 to $80.00 and gave the company an outperform rating in a report on Tuesday, March 5th. Morgan Stanley reissued an overweight rating and issued a $79.00 price objective on shares of Planet Fitness in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. lowered their price objective on Planet Fitness from $75.00 to $72.00 and set a neutral rating for the company in a report on Monday, February 26th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Planet Fitness presently has a consensus rating of Moderate Buy and an average price target of $70.21.

Planet Fitness Price Performance

PLNT stock traded up $3.45 on Thursday, reaching $65.30. The company's stock had a trading volume of 5,129,546 shares, compared to its average volume of 1,716,335. Planet Fitness has a 52 week low of $44.13 and a 52 week high of $75.86. The company has a market capitalization of $5.76 billion, a P/E ratio of 41.86, a price-to-earnings-growth ratio of 1.93 and a beta of 1.37. The firm has a fifty day moving average of $61.42 and a two-hundred day moving average of $65.21.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.02. The business had revenue of $285.10 million during the quarter, compared to analyst estimates of $282.35 million. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.53 EPS. As a group, equities analysts expect that Planet Fitness will post 2.48 EPS for the current fiscal year.

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.