Planet Fitness Stock Runs Higher on Earnings Beat

It would take shorts more than a week to recover their bearish bets

Managing Editor
Feb 27, 2019 at 10:44 AM
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Shares of Planet Fitness Inc (NYSE:PLNT) are moving higher this morning, after the company last night reported fourth-quarter earnings that surpassed estimates. With earnings coming in at 34 cents per share on $174.4 million in revenue, PLNT was last seen up 6.8% at $60.81. 

PLNT has been on a long-term uptrend on the charts, having added 63% year-over-year. From a broader perspective, late last year the security also found support at the 160-day moving average, and today it hit an all-time high of $61.90.

Analysts have been quick to react, J.P. Morgan Securities, Berenberg, Wedbush, and D.A. Davidson already showering the fitness name in bull notes, the latter firm hiking its price target to $70 from $60. Currently, 10 of the 14 covering analyst sport "strong buy" ratings, with not a single "sell" on the books.

Meanwhile, short interest rose 2.7% during the past two reporting periods, and now represents nearly 7% of the stock's total available float. At PLNT's average pace of daily trading, it would take shorts more than a week to buy back their bearish bets.

 

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