Planet Fitness, Inc. (NYSE:PLNT – Get Rating) – Equities researchers at Jefferies Financial Group cut their Q3 2022 EPS estimates for shares of Planet Fitness in a report issued on Wednesday, November 2nd. Jefferies Financial Group analyst R. Konik now expects that the company will earn $0.38 per share for the quarter, down from their prior estimate of $0.40. The consensus estimate for Planet Fitness’ current full-year earnings is $1.53 per share. Jefferies Financial Group also issued estimates for Planet Fitness’ Q4 2022 earnings at $0.45 EPS, Q1 2023 earnings at $0.51 EPS, Q3 2023 earnings at $0.54 EPS and Q4 2023 earnings at $0.54 EPS. 2023 at $0.56 EPS.
Planet Fitness (NYSE:PLNT – Get Rating ) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.38 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.38. The firm had revenue of $224.40 million for the quarter, compared to analyst estimates of $230.13 million. Planet Fitness had a net margin of 8.28% and a negative return on equity of 24.38%. The business’s quarterly revenue was 63.5% higher compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.21 earnings per share.
A number of other research firms have also weighed in on PLNT. Piper Sandler upgraded shares of Planet Fitness from a “neutral” rating to an “overweight” rating and decreased their price objective for the stock from $73.00 to $70.00 in a research note on Tuesday, October 25th. Morgan Stanley reduced their price objective on shares of Planet Fitness from $96.00 to $93.00 and set an “overweight” rating on the stock in a report on Wednesday, August 10th. StockNews.com began coverage on shares of Planet Fitness in a report on Wednesday, October 12th. They set a “hold” rating on the stock. BNP Paribas raised shares of Planet Fitness from an “underperform” rating to a “neutral” rating and set a $75.00 price target on the stock in a report on Thursday, July 7th. Finally, Guggenheim cut their price target on shares of Planet Fitness to $85.00 in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Moderate Buy” and an average target price of $90.00, according to data from MarketBeat.
Planet Fitness Price Performance
NYSE:PLNT opened at $64.04 on Thursday. The firm has a market cap of $5.83 billion, a P/E ratio of 87.73, a PEG ratio of 1.20 and a beta of 1.25. Planet Fitness has a 1-year low of $54.15 and a 1-year high of $99.60. The company’s fifty day moving average price is $63.73 and its 200 day moving average price is $70.22.
Hedge Funds Weigh On Planet Fitness
Several hedge funds and other institutional investors have recently modified their holdings of PLNT. BlackRock Inc. lifted its stake in shares of Planet Fitness by 34.8% in the first quarter. BlackRock Inc. now owns 7,184,140 shares of the company’s stock valued at $606,915,000 after purchasing an additional 1,852,867 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in Planet Fitness during the second quarter worth about $78,692,000. Bares Capital Management Inc. grew its position in Planet Fitness by 355.5% during the second quarter. Bares Capital Management Inc. now owns 1,438,570 shares of the company’s stock valued at $97,837,000 after purchasing an additional 1,122,752 shares during the last quarter. Invesco Ltd. grew its position in Planet Fitness by 38.9% during the first quarter. Invesco Ltd. now owns 1,700,236 shares of the company’s stock valued at $143,636,000 after buying an additional 476,578 shares during the last quarter. Finally, Champlain Investment Partners LLC grew its position in Planet Fitness by 38.3% during the first quarter. Champlain Investment Partners LLC now owns 1,640,235 shares of the company’s stock valued at $138,567,000 after buying an additional 454,341 shares during the last quarter. 95.15% of the share is owned by hedge funds and other institutional investors.
About Planet Fitness
Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. It operates through franchised, corporate-owned stores and equipment segments. The Franchise segment engages in franchise business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia.
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