Planet Fitness set for record plunge after disappointing outlook

Planet Fitness

07/05/2026 17:23

** Planet Fitness PLNT.N shares on course for record plunge after gym operator reduced its full-year rev outlook, citing slower-than-expected member growth during peak sign-up period

** PLNT shares last down 30.8% to $44.26, a six-year low, and were temporarily halted. Stock's largest daily loss ever was ~28% drop during COVID pandemic onset in Mar 2020

** Co early Thurs said now sees 2026 rev to grow 7%, down from prior outlook of about 9% growth, and expects adj EBITDA to increase about 6%, down from previous projection of 10%

** Additionally, co said it's pausing its planned national Black Card price increase pending a broader pricing review

** For Q1, co posted rev of $337.2 mln and adj EPS of 74 cents, topping consensus, per LSEG data

** TD Cowen analyst Max Rakhlenko said in a note Q1 results and management's comments were disappointing as business trends and outlook have significantly deteriorated

** PLNT needs to focus on strengthening its value proposition "in an evolving demand and competitive backdrop," Rakhlenko said

** Of 20 analysts covering the stock, 17 rate it "strong buy" or "buy", 3 "hold"; median PT $100.50

** With the move on the session, stock down nearly 60% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))