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Reporter Name | Luna Sarah |
Relationship | President |
Type | Sell |
Amount | $199,380 |
SEC Filing | Form 4 |
Luna Sarah, President of Xponential Fitness, sold 14,400 shares of Class A Common Stock on September 13, 2024, at a weighted average price of $13.8459, totaling $199,380. Following the transaction, Sarah directly owns 290,297 shares of Class A Common Stock and 58,735 shares of Class B Common Stock.
SEC Filing: Xponential Fitness, Inc. [ XPOF ] - Form 4 - Sep. 16, 2024
Shares of Planet Fitness, Inc. PLNT have gained 14.4% in the past three months compared with the Zacks Leisure and Recreation Services industry’s rise of 3%. Over the same timeframe, the Zacks Consumer Discretionary sector and S&P 500 have gained 5% and 2.2%, respectively.
PLNT is riding on a strong franchise model, disciplined expansion and a unique value proposition. Also, steady growth in foot traffic and improved web visit trends are aiding investor sentiments.
Technical indicators are supportive of PLNT’s strong performance. The stock was recently trading at $82.39 on Friday, above its 50-day moving average of $77.50 and the 200-day moving average of $69.42. This technical strength reflects positive market perception and confidence in PLNT's financial health and prospects. So, should investors pour more capital into Planet Fitness now? Let’s take a closer look.
Key Fundamentals Supporting PLNT's Stock Growth
Planet Fitness continues to differentiate itself in the high-value, low-price (HVLP) sector by focusing on creating a welcoming and inclusive member experience. The company’s "no gymtimidation" philosophy resonates well with its 19 million members. Its High School Summer Pass Program, which has attracted over 2.6 million teen participants, further emphasizes its commitment to fostering community and long-term membership growth.
In June 2024, Planet Fitness implemented a $15 pricing structure for new classic card members, which is expected to contribute to a low to mid-single-digit increase in average unit volume (AUV) over the next year. The company is also testing higher Black Card membership pricing, which could further enhance profitability and store-level returns if successful.
Planet Fitness focuses on reducing capital requirements for opening and operating its franchises and identifying ways to lower operating expenses. At the beginning of 2024, the company reported progress on the execution of this new business growth model to achieve the target of reducing new units and remodeling building costs by at least 10% before the end of 2024.
The company’s expansion into international markets, such as Spain, demonstrates its global potential. During the second quarter of 2024, the company opened its first European location in Barcelona and is exploring opportunities in high-growth areas with strong population density. Franchise growth remains a key driver of profitability, with franchisee profits directly enhancing corporate performance. The company’s asset-light franchise model also generates substantial free cash flow, supporting continued investment in growth initiatives and shareholder returns.
What May Pull Back PLNT Stock?
Planet Fitness’s asset-light franchise model generates strong free cash flow, but its recent debt financing raises questions. The company refinanced $600 million of debt and upsized the total to $800 million. Although this allowed for favorable interest rates compared to initial expectations, it still resulted in an increase in the company’s blended interest rate from 4.0% to 4.5%. With $2.2 billion in long-term debt and fixed-rate securitization, any economic downturn could strain Planet Fitness’s ability to manage its debt obligations effectively.
The equipment segment, which contributes a notable portion of overall revenue, is seeing a downward trend. In the second quarter, revenues from equipment sales dropped 8.4% year over year as franchisees shifted toward purchasing strength equipment over cardio machines, which generate less revenues per store. This decrease in equipment sales could continue to weigh on overall performance, particularly if store openings remain below expectations.
PLNT’s Rising Valuation & Estimates
Planet Fitness is trading at a premium relative to industry peers like Xponential Fitness, Inc. XPOF, Peloton Interactive, Inc. PTON and YETI Holdings, Inc. YETI. PLNT is trading at a forward 12-month price-to-earnings of 30.24X, higher than the industry average of 16.22X.
The Zacks Consensus Estimate for the company’s 2024 earnings per share (EPS) increased from $2.43 to $2.44 in the past 60 days. During the same period, the consensus mark for 2025 EPS moved up from $2.83 to $2.84.
Investment Verdict: Hold for Now
Planet Fitness presents a unique opportunity within the fitness industry through its HVLP business model, franchise-driven growth and strong brand positioning. The company’s ability to drive long-term membership growth, enhance profitability through pricing strategies, and expand internationally underscores its potential for sustained growth. However, concerns over rising debt levels, declining equipment sales, and a lofty valuation — trading at a premium compared to the industry — warrant caution.
For investors already holding PLNT stock, it may be wise to maintain their position and monitor the company’s ability to translate its strategies into sustainable long-term growth. For new investors, it might be prudent to wait for a more favorable entry point.
PLNT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
NEW YORK, Aug. 10, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Xponential Fitness, Inc. (NYSE: XPOF) on behalf of long-term stockholders following a class action complaint that was filed against Xponential on February 9, 2024 with a Class Period from July 26, 2021 to December 7, 2023. Our investigation concerns whether the board of directors of Xponential have breached their fiduciary duties to the company.
The Xponential class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Xponential had permanently closed at least 30 stores; (ii) Xponential’s reported same-store sales (“SSS”) and average unit volume (“AUV”) metrics had been misstated by excluding underperforming stores; (iii) 8 out of 10 Xponential brands were losing money monthly; (iv) over 50% of Xponential studios did not make a positive financial return; (v) over 60% of Xponential’s revenue was one-time and non-recurring; (vi) more than 100 of Xponential’s franchises were for sale at a price that is at least 75% less than their initial cost; (vii) Xponential had misled many of its franchisees into opening franchises by misrepresenting the financial profile and profitability of its studios, as well as the expected rate of return for new studio openings; and (viii) many Xponential franchisees were substantially in debt, suffering high attrition rates and running non-viable studios that had no realistic path to profitability. On June 26, 2023, Fuzzy Panda published a report on Xponential, which, among other things, represented that: (i) Xponential CEO, defendant Anthony Geisler, has had a long history of misleading investors; (ii) Xponential has issued a series of misleading statements about its store closures and the overall financial health of its franchisee base; (iii) more than 50% of Xponential’s studios never make a positive financial return; (iv) more than 100 of Xponential’s franchises are for sale at a price that is at least 75% less than their initial cost; (v) 8 out of 10 Xponential brands are losing money monthly; (vi) Xponential’s publicly reported SSS and AUV metrics misleadingly exclude underperforming stores; (vii) over 60% of Xponential’s revenue is one-time and non-recurring; and (viii) at least 30 Xponential stores had been permanently closed. On this news, the price of Xponential common stock fell more than 37%.Then, on December 7, 2023, Businessweek published an article titled “Club Pilates, Pure Barre Owners Say Xponential Left Them Bankrupt” which stated that Businessweek had interviewed dozens of former business partners, employees, and franchisees of Xponential who revealed that Xponential misled many franchisees into a “financial nightmare.” The article further stated defendant Geisler “has a track record of combative management, deploying growth-at-all-costs tactics and unleashing aggressive reprisals against anyone who gets in his way.”
On this news, the price of Xponential common stock fell more than 26% over two trading days.
If you are a long-term stockholder of Xponential, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.Brandon Walker, Esq.Marion Passmore, Esq.(212) 355-4648investigations@bespc.comwww.bespc.com
For the quarter ended June 2024, Xponential Fitness reported revenue of $76.52 million, down 1.1% over the same period last year. EPS came in at -$0.03, compared to $0.07 in the year-ago quarter.
The reported revenue represents a surprise of -8.84% over the Zacks Consensus Estimate of $83.93 million. With the consensus EPS estimate being $0.19, the EPS surprise was -115.79%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Xponential Fitness performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Same store sales
: 7% versus 8.3% estimated by six analysts on average.Number of studios operating globally (cumulative total as of period end)
: 3,102 compared to the 3,273 average estimate based on five analysts.Number of studios operating iinternationally
: 442 versus the three-analyst average estimate of 476.Number of studios operating in North America
: 2,660 versus the three-analyst average estimate of 2,795.Number of new studios operating in North America
: 13 versus the two-analyst average estimate of 99.Number of new studios openings globally, net
: 23 compared to the 136 average estimate based on two analysts.Number of new studios operating iinternationally
: 10 versus 36 estimated by two analysts on average.Revenue- Franchise
: $43.02 million versus the four-analyst average estimate of $42.77 million. The reported number represents a year-over-year change of +22.5%.Revenue- Franchise marketing fund
: $8.38 million compared to the $8.16 million average estimate based on four analysts. The reported number represents a change of +26.6% year over year.Revenue- Merchandise
: $5.88 million compared to the $9.42 million average estimate based on four analysts. The reported number represents a change of -30% year over year.Revenue- Other service
: $6.31 million versus the four-analyst average estimate of $8.59 million. The reported number represents a year-over-year change of -50.6%.Revenue- Equipment
: $12.93 million versus $14.82 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -10.4% change.View all Key Company Metrics for Xponential Fitness here>>>
Shares of Xponential Fitness have returned -19.2% over the past month versus the Zacks S&P 500 composite's -6.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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