Q2 STOCKS TO BUY

Planet Fitness Stock Muscles Higher After Earnings

PLNT call traders are also hitting the gym today

Managing Editor
Nov 8, 2019 at 10:06 AM
facebook X logo linkedin


A big earnings winner this morning is Planet Fitness Inc (NYSE:PLNT), which reported adjusted third-quarter earnings of 36 cents, on par with estimates. Revenue and same-store sales topped expectations though, and the company upped its fiscal year forecast. In response, PLNT is up 12.1% to trade at $70.29 this morning, on track for its best single-session gain in exactly one year.

Today's breakout has Planet Fitness shares reclaiming their 200-day moving average for the first time since early September. PLNT had pulled back from its June 18 record high of $81.75, but found its footing atop the $56 level. The fitness stock now boasts a 30% lead year-to-date. 

Short sellers have been piling on, and a quick exit from some of the weaker bearish hands could help PLNT make a run at its record highs. Short interest increased by 20.9% in the most recent reporting period to 4.46 million shares. This accounts for 5.3% of PLNT's total available float, and almost four days' worth of pent-up buying power, at its average pace of trading.

The upbeat report has drawn a flurry of options trading today. In just the first hour of trading, already 2,349 calls have changed hands, 37 times the average intraday amount, and quadruple the number of puts traded. Most of the action is occurring at the November 72.50 and 70-strike calls.

 
 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

GRAND SLAM COUNTDOWN

 
 

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.

 

 
 

Follow us on X, Follow us on Twitter