PLNT - Why Planet Fitness Stock Was Down 14% in August
Shares of Planet Fitness (NYSE: PLNT) were down 14% in August, according to data provided by S&P Global Market Intelligence . The company reported financial results that fell short of expectations. The market also performed poorly during the month, dropping 4% and dragging Planet Fitness down with it.
On August 9, Planet Fitness reported financial results for the second quarter of 2022. The company reported record results in some regards -- record locations, record membership, and record quarterly revenue. However, its Q2 revenue of $224.4 million was a few million short of Wall Street's estimates, causing the stock to slip following its quarterly report.
Q2 revenue for Planet Fitness was up 63.5% year over year, and management thinks full-year revenue will be up in the mid-50-percent range compared to 2021 revenue. However, Morgan Stanley analyst Brian Harbour believes it will be hard for the company's results to exceed management's guidance. This is why he lowered his price target for Planet Fitness stock to $93 per share, according to The Fly.
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Why Planet Fitness Stock Was Down 14% in August