Options Bears Target Sinking Planet Fitness Stock

Pessimism has been prevalent over the last two weeks

Digital Content Manager
Mar 19, 2024 at 1:41 PM
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Planet Fitness Inc (NYSE:PLNT) is drawing bearish attention today, with 8,179 puts exchanged so far -- nine times the intraday average volume -- compared to 3,311 calls. While there is no specific catalyst for today's negative price action, PLNT was last seen down 6.8% at $55.66 -- its lowest level since November -- while eyeing its fifth-straight daily drop and worst day since September. The stock has already shed over 23% in 2024.

PLNT 0319

This pessimism has been prevalent over the past two weeks. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 2.25 sits higher than 91% of readings from the last 12 months.

These traders are in luck, as options are reasonably priced at the moment. This is per PLNT's Schaeffer's Volatility Index (SVI) of 31%, which ranks in the low 18th percentile of its annual range. 

What's more, Planet Fitness stock has exceeded option traders' volatility expectations over the past 12 months -- a good thing for options traders per its Schaeffer's Volatility Scorecard (SVS) of 96 out of 100.

 

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