Planet Fitness Stock Sinks on Negative Press

The brokerage bunch disagrees, however

Deputy Editor
Dec 15, 2020 at 10:49 AM
facebook X logo linkedin


The shares of Planet Fitness Inc (NYSE:PLNT) are slipping today, down 1.9% at $74.70 at last check, after receiving some negative attention in The Wall Street Journal's Heard On The Street Column. The author said that the pandemic has seriously squashed Planet Fitness' business outlook, though this negative angle is not shared amongst the entire brokerage bunch, as at least two bull notes rolled out for PLNT yesterday.

More specifically, BMO and J.P. Morgan Securities hit the fitness center operator with price-target hikes, the biggest of which came from the former. BMO raised its price target to $80 from $70, alongside a repeated "buy" rating, and said it feels the pandemic will shutdown smaller operators and increase the company's market share. Coming into today, 10 of the 14 in coverage sported a "strong buy" rating, while the remaining four called it a "hold" or worse. However, the 12-month consensus price target of $73.71 is a 1.1% discount to current levels, signaling some price-target hikes in the near future could act as additional tailwinds.

On the charts, PLNT looked well on its way to recapturing pre-pandemic highs after it soared to $86.50 on Nov. 9 -- just shy of the equity's Feb. 19 annual high of $88.77. More recently, the shares have traded just above the $70 level, with support in place from the 20-day moving average. Meanwhile, Planet Fitness stock is hovering just above its year-to-date breakeven mark.

Lastly, shorts are taking their leave, evident by the fact that short interest has fallen 27.1% in the last two reporting periods. The 6.53 million shares make up 8% of the stock's available float, or four days' worth of pent-up buying power.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI