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Wire

Planet Fitness Faces Member Growth, Marketing Headwinds, RBC Says

Planet Fitness (PLNT) faces near-term pressure from weak member growth, marketing changes, elevated churn, paused Black Card pricing, potential franchisee caution, and a lowered outlook, RBC Capital Markets said.The investment firm said in a Thursday note that Planet Fitness added fewer members than expected in Q1 as marketing failed to resonate with its core customer base, while member trends remained weak through April due to softer demand, competition in select markets and ineffective messaging.Churn is expected to remain above normal through 2026, partly driven by a higher mix of younger members who typically cancel more often, while competition in select markets is also weighing on performance, RBC said.The pause in Black Card pricing could weigh on same-store sales expectations for 2026, while franchisees may reassess development plans following the weaker outlook, according to the note.The investment firm said there is currently no clear line of sight to an improvement in member growth as the company works to adjust its marketing strategy. The brokerage also reiterated its Outperform rating, noting that long-term growth drivers remain intact despite near-term execution challenges.RBC cut its price target for Planet Fitness to $55 from $85 and kept its outperform rating.Price: $45.21, Change: $+1.20, Percent Change: +2.72%

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Wire

Planet Fitness Cuts 2026 Outlook After 'Marketing Missteps,' BofA Says

Planet Fitness (PLNT) is facing a reset in its growth outlook after weaker Q1 sign-ups and "marketing missteps," BofA Securities said Friday in a report.New marketing initiatives need time to gain traction after campaigns skewed too heavily toward fitness-focused customers rather than beginners, with March and April tracking below plans, the report said.The company's 2026 outlook was lowered across revenue, same-club sales, EBITDA and EPS, and avoiding the Black Card price increase may weigh on results, BofA said.Management hired a new creative agency that plans to launch a fresh campaign before year-end to set up the key Q1 2027 membership period, the report said.BofA lowered its rating on Planet Fitness stock to neutral from buy and slashed its price target to $59 from $110.Price: $45.72, Change: $+1.71, Percent Change: +3.89%

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Research

BofA Securities Downgrades Planet Fitness to Neutral From Buy, Price Target is $59

Planet Fitness (PLNT) has an average rating of overweight and mean price target of $78.39, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $45.52, Change: $+1.51, Percent Change: +3.43%

$PLNT
Research

TD Cowen Downgrades Planet Fitness to Hold From Buy, Adjusts Price Target to $59 From $90

Planet Fitness (PLNT) has an average rating of overweight and mean price target of $78.39, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$PLNT
Research

Morgan Stanley Downgrades Planet Fitness to Equalweight From Overweight, Cuts Price Target to $47 From $117

Planet Fitness (PLNT) has an average rating of overweight and mean price target of $82.67, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$PLNT
US Markets

S&P 500, Nasdaq Snap 2-Day Record Run as Oil Prices Rise in Volatile Session

The S&P 500 and the Nasdaq Composite fell from record closing highs on Thursday as oil prices rose in what turned out to be a choppy trading session for crude.The S&P 500 closed 0.4% lower at 7,337.1, while the Nasdaq slipped 0.1% to 25,806.2. The Dow Jones Industrial Average dropped 0.6% to 49,597. All three indexes snapped a two-day advance that propelled the S&P 500 and the Nasdaq to all-time highs.Barring communication services and technology, all sectors were in the red, led by materials and energy.West Texas Intermediate crude was last up 0.7% at $95.73 a barrel, swinging between gains and losses during Thursday late-afternoon trade. Brent was up 0.1% at $101.36. Both benchmarks fell sharply Wednesday amid prospects of a diplomatic breakthrough between the US and Iran.Iran is still reviewing "messages" from the US via Pakistani mediation, CNN reported, citing Iranian media. Tehran has set out new rules for ships looking to transit ross the crucial Strait of Hormuz, the news outlet reported."Markets continue to be cautiously optimistic toward the prospect of a US-Iran deal to end the war despite the appearances of the US administration pumping the deal vastly more than the other side," Scotiabank said in a note.US Treasury yields were higher, with the 10-year rate up 4.5 basis points at 4.40% and the two-year rate rising 5.4 basis points to 3.92%.In company news, Tapestry (TPR) raised its fiscal 2026 outlook after delivering a third-quarter beat, but provided a subdued fourth-quarter sales guidance for its Kate Spade brand. The luxury fashion company's shares slumped 12%, the second-worst performer on the S&P 500.Planet Fitness (PLNT) shares slid 31% after the fitness center operator tempered its full-year expectations amid fewer-than-projected member additions in the first quarter.Shake Shack (SHAK) shares plummeted 28% after the fast food chain operator's first-quarter results fell short of Wall Street's estimates amid weather-related headwinds.Datadog (DDOG) shares surged 31%, the top gainer on the S&P 500. The software maker raised its full-year outlook after posting first-quarter results that topped the Street expectations.In economic news, US job cuts increased in April to the third-highest total for the month since 2009 as technology companies continued to announce layoffs amid a shift toward artificial intelligence, Challenger Gray & Christmas said Thursday.The report comes ahead of the official April nonfarm payrolls data to be released on Friday.Official data are expected to show that the US economy added 65,000 nonfarm jobs in April, compared with a 178,000 increase reported for the previous month, according to a Bloomberg-compiled consensus. On Wednesday, ADP (ADP) said that employment in the US private sector grew at its fastest pace in more than a year.Gold was up 0.3% at $4,709.90 per troy ounce in Thursday late-afternoon trade, while silver jumped 2.7% to $79.40 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$DDOG$PLNT$SHAK$TPR
Sectors

Sector Update: Consumer Stocks Edge Lower Late Afternoon

Consumer stocks were edging down late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each decreasing 0.1%.In corporate news, Tapestry (TPR) raised its fiscal 2026 outlook after delivering a Q3 beat, but provided a subdued Q4 sales guidance for its Kate Spade brand. Its shares dropped more than 13%.Shake Shack (SHAK) shares slumped 28% after the company's Q1 results missed Wall Street estimates.Planet Fitness (PLNT) shares tumbled 32% after the company tempered its full-year outlook amid fewer-than-expected member additions in Q1.McDonald's (MCD) reported better-than-expected Q1 results as comparable sales rebounded more than market estimates despite what the company described as a "challenging" environment. Its shares rose 0.3%.

$MCD$PLNT$SHAK$TPR
Wire

Update: Planet Fitness Shares Fall After Company Lowers 2026 Sales Guidance

(Updates with the latest stock movement in the first paragraph and headline.)Planet Fitness (PLNT) shares were down 31% in Thursday trading after the company lowered its 2026 sales guidance.The company reported Q1 adjusted earnings Thursday of $0.74 per diluted share, up from $0.59 a year earlier.Analysts polled by FactSet expected $0.63.Revenue for the quarter ended March 31 was $337.2 million, compared with $276.7 million a year earlier.Analysts surveyed by FactSet expected $298.6 million.For 2026, the company expects revenue growth of about 7%, compared with its prior sales growth guidance of 9%. Analysts are looking for $1.45 billion.Price: $44.11, Change: $-19.86, Percent Change: -31.04%

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Wire

Top Midday Decliners

Planet Fitness (PLNT) shares tumbled 32% after the company Thursday tempered its full-year outlook amid fewer-than-expected member additions in Q1.More than 12.7 million shares of the company traded intraday compared with a daily average of about 1.8 million.Zoetis (ZTS) reported Q1 adjusted earnings and revenue Thursday below market expectations, while scaling back its full-year 2026 guidance.Shares sank 20% following a surge in intraday trading volume to over 22.4 million from a daily average of about 4 million.ARM (ARM) Chief Executive Rene Haas said, in an earnings call with investors, that while demand for ARM's new AGI CPU doubled to $2 billion within six weeks of its launch, the company has only secured enough manufacturing capacity to fulfill half of those orders.Shares dropped 10%, with intraday trading volume at over 18.9 million versus a daily average of about 7.4 million.Price: $43.38, Change: $-20.59, Percent Change: -32.18%

$ARM$PLNT$ZTS
US Markets

Equities Fall Intraday, Oil Rises as Traders Monitor Middle East Developments

US benchmark equity indexes were lower intraday, while oil prices were moving higher, as investors monitored developments regarding a potential peace deal between Washington and Iran.The Dow Jones Industrial Average was down 0.7% at 49,571 after midday Thursday, while the S&P 500 lost 0.4% to 7,338.3. The Nasdaq Composite shed 0.1% to 25,811.1. The S&P 500 and the Nasdaq hit new peaks in the previous session.Barring technology, all sectors were in the red intraday Thursday, led by energy.West Texas Intermediate crude was up 1.4% at $96.45 a barrel, while Brent rose 0.7% to $102.02. Both benchmarks fell sharply Wednesday amid prospects of a diplomatic breakthrough between the US and Iran."The sell-off partly unwinds the conflict-driven rally in energy prices, but losses were pared as the market remains cautious," ING Bank said in a report Thursday. "Crude inventories in the US continue to tighten, while buyers have become more reliant on US barrels to offset disrupted Middle Eastern supply."The US and Iran are edging toward a temporary pact to halt the war, Reuters reported, citing sources and officials. Iran is reviewing a proposal to stop the fighting, but leave the most contentious issues unresolved, according to the report.Iran is still reviewing "messages" from the US via Pakistani mediation and has yet to finalize its response to a Washington proposal to end the conflict, CNN reported, citing local Iranian media. Tehran has issued a set of new rules for ships looking to cross the crucial Strait of Hormuz, the news outlet reported, citing a document it saw.US Treasury yields were higher intraday, with the 10-year rate up 4.3 basis points at 4.39% and the two-year rate rising 5.2 basis points to 3.92%.In company news, Tapestry (TPR) raised its fiscal 2026 outlook after delivering a third-quarter beat, but provided a subdued fourth-quarter sales guidance for its Kate Spade brand. The luxury fashion company's shares were down 10%, the second-worst performer on the S&P 500.Planet Fitness (PLNT) shares slid 32% after the fitness center operator tempered its full-year expectations amid fewer-than-projected member additions in the first quarter.Shake Shack (SHAK) shares plummeted 29% after the fast food chain operator's first-quarter results fell short of Wall Street's estimates amid weather-related headwinds.Datadog (DDOG) shares surged 26%, the top gainer on the S&P 500. The software maker raised its full-year outlook after posting first-quarter results that topped the Street expectations.Gilead Sciences (GILD), McKesson (MCK), Cloudflare (NET), Airbnb (ABNB), Monster Beverage (MNST), and CoreWeave (CRWV) are expected to report after the closing bell Thursday.Gold was up 0.1% at $4,699.80 per troy ounce, while silver jumped 2.7% to $79.37 per ounce.

Dow JonesNasdaq CompositeS&P 500$ABNB$CRWV$DDOG$GILD$MCK$MNST$NET$PLNT$SHAK$TPR
Sectors

Sector Update: Consumer Stocks Softer Thursday Afternoon

Consumer stocks fell Thursday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each dropping 0.4%.In corporate news, Shake Shack (SHAK) shares slumped 29% after the company's Q1 results missed Wall Street estimates.Planet Fitness (PLNT) shares tumbled 32% after the company tempered its full-year outlook amid fewer-than-expected member additions in Q1.McDonald's (MCD) reported better-than-expected Q1 results as comparable sales rebounded more than market estimates despite what the company described as a "challenging" environment. The shares eased 0.3%.

$MCD$PLNT$SHAK
US Markets

Planet Fitness Tempers Outlook After Weak First-Quarter Member Growth; Shares Plunge

Planet Fitness (PLNT) shares cratered on Thursday as the fitness center operator tempered its full-year expectations amid fewer-than-expected member additions in the first quarter.Planet Fitness now expects full-year adjusted net income per share to increase about 4%, compared with its prior guidance that called for an increase of 9% to 10%. Revenue is forecast to grow about 7%, down from about 9% previously projected.Analysts in a FactSet poll are looking for full-year non-GAAP earnings of $3.37 per share on sales of $1.45 billion, compared with $3.07 and $1.32 billion the company reported for 2025.System-wide same club sales growth is now pegged at 1%, down from the previous estimate of 4% to 5%. Analysts expect same-store sales to increase by 4.6% this year.In the first quarter, same club sales grew 3.5%, while analysts expected a 3.6% increase. Planet Fitness added more than 700,000 net new members, below its own expectations, Chief Executive Colleen Keating said on a conference call."(The year) is off to a slower than expected start from a net member growth perspective as we faced internal and external headwinds during our peak sign-up period," Keating said in a statement.Shares of Planet Fitness sank 33% in Thursday trade, taking their year-to-date loss to more than 60%.The company saw "solid" trends of member additions in the first two weeks of the year, but severe winter weather conditions in January and February disrupted that momentum, Keating told analysts, according to a FactSet transcript. Several storms hit on Mondays, the company's busiest join day of the week, she said."We anticipated that our March campaign, Black Card First Month Free, which was very successful during the same time last year would improve our join momentum over the remainder of (the first quarter) and into (the second quarter)," Keating said on the call. "Yet, as we move through March and into early April, our join trends remain below our plan."Adjusted EPS in the March quarter increased to $0.74 from $0.59 a year earlier and surpassed the consensus of $0.63. Revenue jumped 22% to $337.2 million, while analysts expected $298.6 million."We are sharpening our marketing to prioritize capturing demand and driving net member growth. Additionally, we are pausing the planned national Black Card price increase pending a broader pricing review," Keating said in the statement. "While we are resetting near-term expectations, we expect that these actions will help set the stage for enhanced top and bottom-line results in 2027."Price: $43.15, Change: $-20.81, Percent Change: -32.54%

$PLNT
US Markets

Planet Fitness Could Miss Quarterly Street Views for Net Adds, Same-Store Sales Growth, RBC Says

Planet Fitness' (PLNT) first-quarter member net adds and same-store sales could fall short of Wall Street's estimates, while the company could "slightly" lower its full-year outlook amid high macro uncertainty, RBC Capital Markets said in a note e-mailed Wednesday.The brokerage lowered the fitness center operator's first-quarter net adds estimates to 680,000 from 990,000 and its same-store sales growth outlook to 3.1% from 4.4%. The Street expects net adds of 790,000 and a 3.5% increase in same-store sales, according to the RBC note to clients."Our RBC Elements app data tracker suggested (first-quarter) downloads were only up 0.3% (year over year), and the company called out elevated churn to start the year, given it was the first (first-quarter) with click-to-cancel," RBC analyst Logan Reich said. "While (Planet Fitness) may be a relative trade-down beneficiary in times of macro volatility, the elevated uncertainty in March could have been an incremental headwind to net member growth."The brokerage said the company could guide down its 2026 views "slightly" amid elevated macro pressures due to the Middle East conflict, worsening consumer sentiment, and the absence of a permanent chief financial officer.Last month, Planet Fitness said it appointed Tom Fitzgerald as interim CFO following the departure of Jay Stasz. Fitzgerald previously served as the company's finance chief. At the time, the fitness center operator reaffirmed its 2026 financial outlook.RBC reduced its price target on Planet Fitness' stock to $85 from $120 with an outperform rating. The brokerage cut its 2026 and 2027 top- and bottom-line projections for the company.Planet Fitness shares were down 1.1% in Wednesday late-afternoon trade. The stock has slumped 41% so far this year."We continue to believe all the medium- and long-term secular, demographic, and idiosyncratic drivers remain intact," Reich said. "However, we think the key factor to investors potentially getting more constructive following the print is what the company's commentary on the (long-term algorithm) is."Planet Fitness is scheduled to report its latest financial results May 7.Price: $63.98, Change: $-0.48, Percent Change: -0.74%

$PLNT
Wire

Planet Fitness Enters Q1 Earnings Under Pressure Amid Weak Trends, Macro Uncertainty, RBC Says

Planet Fitness (PLNT) is heading into its Q1 earnings report under pressure, amid weaker membership trends, macro uncertainty and an ongoing leadership transition, RBC Capital Markets said in a report emailed Wednesday.RBC said it expects Q1 net member additions to come in at about 680,000, below the 790,000 consensus, citing "click-to-cancel" churn and soft app download data. Same-store sales are also expected to miss earlier estimates, though revenue and earnings before interest, taxes, depreciation, and amortization are likely to come in largely in line due to equipment-related upside, RBC said.Uncertainty remains elevated due to the lack of a permanent chief financial officer and potential 2026 guidance cuts amid weaker consumer sentiment, with macro volatility and extended promotions signaling a soft start to the year and possibly delaying the planned Black Card membership price increase to $30 from $25, the report said.Despite near-term headwinds, RBC said it remains constructive on Planet Fitness' longer-term outlook, citing its highly franchised model and stable revenue streams. The firm forecasts earnings per share growth of about 16% in 2025 and 18% in 2026, supported by pricing actions and continued unit expansion, according to the report.RBC has an outperform rating on Planet Fitness and lowered its price target to $85 from $120, adding that investor sentiment around the stock remains "negative," with risk-reward seen as "slightly unfavorable" heading into the print.Price: $63.97, Change: $-0.49, Percent Change: -0.76%

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