Planet Fitness Stock Soars After Forecast Hike

Options traders were pessimistic ahead of the event

Deputy Editor
Nov 7, 2023 at 11:11 AM
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The shares of Planet Fitness Inc (NYSE:PLNT) are soaring today, up 13.3% at $62.52 at last glance, after the company issued an upbeat third-quarter report and raised its full-year forecast. More specifically, the fitness name expects 2023 revenue to increase by roughly 14%. 

Today's pop has PLNT trading at its highest levels since its early-August post-earnings bear gap, though it's still down approximately 20% since the start of the year. Long-term pressure at its 180-day moving average lingers just above today's gains, however. 

In the options pits so far today, 4,043 calls and 1,862 puts have been exchanged, which is already seven times the average daily options volume. The November 55 call is the most active contract, followed by the 65 call in the same series. 

This optimism amongst options traders denotes a shift in sentiment, as the options pits have been particularly put-heavy of late. Planet Fitness stock's 10-day put/call volume ratio of 3.00 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 89% of readings from the past year.

Shorts have been piling on PLNT recently as well, with short interest up 34.5% in just the last two weeks. Now, the 4.52 million shares sold short account for 5.4% of the stock's available float. 

 

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