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Planet Fitness (PLNT) Stock Boosted by Expansion Plans

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DiscoverGold Member Level  Monday, 04/05/21 01:28:20 PM
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Planet Fitness (PLNT) Stock Boosted by Expansion Plans
By: Schaeffer's Investment Research | April 5, 2021

• Planet Fitness plans to add 100 new locations

• The company also hopes to boost investment in its app

The shares of Planet Fitness Inc (NYSE:PLNT) are up 1.6% at $78.52 before the bell, after the company announced plans to open more locations in the coming fiscal year. Specifically, the fitness chain plans to open 100 new exercise centers, adding to its portfolio of more than 2,100 locations. In other news, CFO Tom Fitzgerald, in an interview with the Wall Street Journal, said the company wants to invest more in its mobile app.

Things were looking good for Planet Fitness stock to kick off 2021. The equity quickly rose to notch a new all-time high of $90.34 by Feb. 25. However, PLNT has struggled on the charts since then, with the security's 80-day moving average now moving in as a level of resistance. Still, year-over-year, the stock is up 85.5%.

The options pits have been extremely optimistic over the last 10 weeks. This is per the equity's 50-day call/put volume ratio of 1.42 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 85% of readings from the past year, suggesting calls are being picked up at a quicker-than-usual clip of late.

Now looks like a great opportunity to bet on PLNT's next move with options, too. The security's Schaeffer's Volatility Index (SVI) of 38% stands in the lowest percentile of its annual range. In simper terms, this suggests the equity is sporting attractively priced premiums at the moment.

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