Planet Fitness (PLNT) Announces Quarterly Earnings Results

Planet Fitness (NYSE:PLNT) posted its earnings results on Thursday. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01, MarketWatch Earnings reports. The firm had revenue of $148.82 million during the quarter, compared to the consensus estimate of $153.41 million. Planet Fitness had a negative return on equity of 67.65% and a net margin of 15.36%. The business’s quarterly revenue was up 22.7% on a year-over-year basis. During the same period last year, the company earned $0.27 earnings per share. Planet Fitness updated its FY 2019 guidance to $1.52-1.52 EPS.

NYSE PLNT traded down $2.68 during trading hours on Friday, hitting $72.67. 5,041,942 shares of the company’s stock were exchanged, compared to its average volume of 1,424,310. Planet Fitness has a 1-year low of $36.72 and a 1-year high of $77.34. The stock has a market capitalization of $6.76 billion, a P/E ratio of 59.57, a P/E/G ratio of 2.65 and a beta of 0.76.

In related news, Director David P. Berg sold 6,291 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $61.73, for a total transaction of $388,343.43. Following the completion of the sale, the director now owns 6,615 shares of the company’s stock, valued at $408,343.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher Rondeau sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $65.86, for a total value of $13,172,000.00. The disclosure for this sale can be found here. Insiders have sold 466,291 shares of company stock valued at $29,813,238 in the last ninety days. 14.52% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc grew its stake in Planet Fitness by 3.4% in the third quarter. Vanguard Group Inc now owns 8,597,408 shares of the company’s stock valued at $464,518,000 after acquiring an additional 280,726 shares during the period. Vanguard Group Inc. grew its stake in Planet Fitness by 3.4% in the third quarter. Vanguard Group Inc. now owns 8,597,408 shares of the company’s stock valued at $464,518,000 after acquiring an additional 280,726 shares during the period. FMR LLC grew its stake in Planet Fitness by 57.7% in the fourth quarter. FMR LLC now owns 7,135,122 shares of the company’s stock valued at $382,585,000 after acquiring an additional 2,610,693 shares during the period. BlackRock Inc. grew its stake in Planet Fitness by 4.3% in the fourth quarter. BlackRock Inc. now owns 6,386,708 shares of the company’s stock valued at $342,456,000 after acquiring an additional 265,922 shares during the period. Finally, Lord Abbett & CO. LLC grew its stake in Planet Fitness by 10.2% in the fourth quarter. Lord Abbett & CO. LLC now owns 2,283,796 shares of the company’s stock valued at $122,457,000 after acquiring an additional 210,503 shares during the period. 94.99% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on PLNT. Zacks Investment Research downgraded Planet Fitness from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and raised their price objective for the stock from $49.00 to $75.00 in a research report on Friday, February 22nd. They noted that the move was a valuation call. Wedbush raised their price objective on Planet Fitness from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 27th. DA Davidson raised their price objective on Planet Fitness to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, February 27th. Finally, Roth Capital raised their price objective on Planet Fitness from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 27th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $65.43.

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About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

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Earnings History for Planet Fitness (NYSE:PLNT)

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