Planet Fitness Inc (PLNT) is slated for its first turn in the earnings confessional Wednesday evening
Exercise concern
Planet Fitness Inc (NYSE:PLNT) is slated to release its inaugural earnings report after the bell on Wednesday. The stock has picked up some momentum heading into the event, thanks to a
round of bullish analyst attention yesterday. Most notably, Jefferies -- which initiated coverage with a "buy" rating -- set a $25 price target for PLNT.
Even with the shares
dodging today's broad-market sell-off -- up 5.6% to $18.81 -- Jefferies' price target represents a 33% premium. Moreover, such a move would mark a new all-time high for PLNT, which topped out at $20.68 on Aug. 10. The shares hit the Street on Aug. 6, opening at $14.50.
While options volume has been extremely light so far on the newcomer, PLNT's near-term at-the-money (ATM) straddle is pricing in a 16.3% swing. So far leading up to the event,
call buying has had the edge, with Planet Fitness Inc's 10-day
International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio standing at 1.46.