PLNT - Why Planet Fitness Stock Just Spiked and Is Approaching All-Time Highs
Shares of Planet Fitness (NYSE: PLNT) spiked on Monday morning after promising news broke regarding a coronavirus vaccine candidate. A phase 3 trail showed 90% effectiveness for preventing a novel coronavirus that's turned our world upside down in 2020. As of 10 a.m. EST, Planet Fitness stock has spiked as much as 29% higher and has been within a couple of percentage points of all-time highs.
Here's why the vaccine news could be particularly good for Planet Fitness. The company just released results for the third quarter of 2020, and its membership has taken a big hit in recent months. At the end of the second quarter, it had 15.2 million members, down just slightly from peak membership of 15.5 million.
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Why Planet Fitness Stock Just Spiked and Is Approaching All-Time Highs