Planet Fitness (NYSE:PLNT – Get Free Report) on Thursday morning provided an update to its FY24 earnings outlook. The company’s EPS guidance for the period was $2.46 to $2.49, compared to the consensus EPS estimate of $2.50. The company announced revenue guidance of ~$1.136 billion to his $1.146 billion, compared to the consensus revenue forecast of his $1.16 billion. Planet Fitness also updated its fiscal 2024 guidance to his 2.460 to 2.490 EPS.
Planet Fitness Stock Up 0.6%
Planet Fitness stock opened at $65.87 on Thursday. The company has a market capitalization of $5.81 billion, a P/E ratio of 40.91x, a PEG ratio of 1.30x, and a beta of 1.44x. The company’s 50 day moving average is $71.01 and its 200 day moving average is $62.67. Planet Fitness’s 52-week low is $44.13 and 52-week high is $84.48.
Analyst sets new price target
Many securities companies have commented on PLNT. Royal Bank of Canada increased their target price on Planet Fitness from $68.00 to $74.00 and gave the stock an outperform rating in a research note on Wednesday, November 8th. Stifel Nicolaus increased their target price on shares of Planet Fitness from $72.00 to $85.00 and gave the company a buy rating in a research report on Friday, January 19th. StockNews.com upgraded shares of Planet Fitness from a sell rating to a hold rating in a research report on Friday, January 12th. Raymond James increased their target price on shares of Planet Fitness from $66.00 to $73.00 and gave the company a “buy” rating in a report on Wednesday, November 8th. Finally, Attorney Davidson reiterated a neutral rating and issued a $62.00 target price on shares of Planet Fitness in a report on Monday, February 5th. Six research analysts have rated the stock with a hold rating, nine have rated it with a buy rating, and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $70.69.
Get the latest stock price analysis for PLNT
Insider Trading at Planet Fitness
In related news, Director Christopher Rondeau sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $66.55, for a total transaction of $66,550,000. The sale was disclosed in a legal filing with the SEC, which can be accessed on the SEC’s website. In related news, CEO Craig R. Benson purchased 10,000 shares of the company’s stock in a transaction on Monday, December 11th. The stock was purchased by him at an average price of $68.15 per share, for a total transaction of $681,500.00. Upon completion of the acquisition, the CEO will directly own 35,000 shares of the company’s stock, valued at approximately $2,385,250. The acquisition was disclosed in a filing with the Securities and Exchange Commission, which is available at this hyperlink. Also, Director Christopher Rondeau sold 1,000,000 shares of the stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $66.55, for a total value of $66,550,000. Disclosures regarding this sale can be found here. Insiders own 5.94% of the company’s shares.
Inflow and outflow of institutions
A number of institutional investors have recently added to or reduced their stakes in PLNT. PNC Financial Services Group Inc. lifted its stake in Planet Fitness by 13.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,332 shares of the company’s stock valued at $112,000 after purchasing an additional 157 shares in the last quarter. First Horizon Advisors Inc. grew its position in Planet Fitness by 28.1% in the 1st quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $69,000 after purchasing an additional 196 shares in the last quarter. Royal Bank of Canada increased its position in Planet Fitness by 1.1% in the 3rd quarter. Royal Bank of Canada now owns 19,590 shares of the company’s stock valued at $1,129,000 after purchasing an additional 216 shares in the last quarter. Captrust Financial Advisors grew its stake in Planet Fitness by 23.0% in the 1st quarter. Captrust Financial Advisors now owns 1,172 shares of the company’s stock valued at $99,000 after purchasing an additional 219 shares during the period. Finally, Rockefeller Capital Management LP grew its position in Planet Fitness by 93.2% in the 4th quarter. Rockefeller Capital Management LP now owns 456 shares of the company’s stock worth $35,000 after purchasing an additional 220 shares during the last quarter. Currently, 95.53% of the stock is held by institutional investors.
About Planet Fitness
(Get Free Report)
Planet Fitness, Inc., together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates in three segments: franchises, corporate-owned stores, and facilities. The Franchise segment operates franchise operations in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.
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