PLNT - Why Planet Fitness Stock Pushed Higher Today
2023-11-07 11:05:46 ET
Shares of exercise-gym chain Planet Fitness (NYSE: PLNT) pushed higher on Tuesday after the company reported results for the third quarter of 2023. They were better than expected, and management consequently raised guidance. And that's why Planet Fitness stock was up 16% as of 10 a.m. ET today.
It's worth pointing out that Planet Fitness stock has merely bounced back to where it was trading in September. The stock plunged on Sept. 15 after the company said it was replacing longtime CEO Chris Rondeau. This instilled fear among investors as it suggested something was wrong with the business.
But the third-quarter financial results had pleasant surprises, which is why the stock is bouncing back today. The company added roughly 100,000 new members during the quarter, which boosted its same-store sales by 8.4% year over year.
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Why Planet Fitness Stock Pushed Higher Today