TLDR
- PLNT dropped ~33% intraday, hitting a new 52-week low of $37.03 on May 7
- Planet Fitness beat Q1 estimates (EPS $0.74 vs $0.63 expected; revenue $337.2M, up ~22% YoY)
- Company cut FY2026 EPS guidance to $3.19, below the ~$3.37 consensus
- Management canceled planned Black Card price increases and cited weak New Year signup numbers
- William Blair downgraded PLNT from Outperform to Market Perform; multiple analysts cut price targets
Planet Fitness (PLNT) stock plunged roughly 33% on Thursday, May 7, touching a new 52-week low of $37.03, after the company slashed its full-year 2026 outlook despite beating first-quarter expectations.
The stock had closed at $63.96 the prior session. It was briefly halted intraday due to an exchange limit up/limit down pause before resuming trade.
Q1 numbers were actually solid. Planet Fitness posted EPS of $0.74, clearing the $0.63 consensus by $0.11, while revenue came in at $337.2 million — about $38 million ahead of estimates and up nearly 22% year over year.
🚨 $PLNT (Planet Fitness) Q1 2026 Earnings
Revenue +21.9%. Strong Adjusted EBITDA growth.
But sharply lowered full-year guidance weighs on sentiment 👀📊 KEY METRICS (Q1 2026)
🔹 Revenue: $337.2 million (+21.9% YoY) 🟢
🔹 Adjusted EBITDA: $139.9 million (+$22.9M YoY)… pic.twitter.com/GD4jFyh2la— Emmanuel – Big Tech & AI Investor (@EmmanuelInvest) May 7, 2026
Membership ended the quarter near 21.5 million, and system-wide same-club sales rose around 3.5%.
So why the selloff? It came down to what happens next.
Guidance Cut Spooks Investors
Management set FY2026 EPS guidance at $3.19 — below the ~$3.37 analyst consensus — and issued revenue guidance centered around $1.4 billion, signaling a slower growth trajectory than the market had priced in.
The company also canceled a planned price hike for its Black Card membership tier, a move that directly dents forward revenue assumptions.
Management pointed to weaker-than-expected new member signups during the New Year period — typically one of the strongest windows for gym sign-ups — as a key reason for the revised outlook.
Planet Fitness also trimmed its adjusted EBITDA and system-wide club sales outlook for the year.
Wall Street Reacts
William Blair downgraded PLNT from Outperform to Market Perform following the news, becoming the most visible analyst to pull back conviction on the stock.
Piper Sandler had already moved the stock to Neutral from Overweight back in February.
TD Cowen cut its price target from $100 to $90 but kept a Buy rating. Royal Bank of Canada lowered its target from $120 to $85, also maintaining an Outperform. Wells Fargo trimmed from $90 to $80 while holding an Overweight rating.
Robert W. Baird cut its target to $100 as well, still above current levels.
Despite the cuts, the average analyst price target sits at $109.27, a wide gap from where the stock is trading. The consensus rating remains “Moderate Buy,” with 13 Buy or Strong Buy ratings, five Holds, and one Sell.
PLNT now trades at a market cap of around $3.41 billion and a P/E of 16.27.
The stock’s 50-day moving average is $73.99 and its 200-day moving average is $91.54. Year-to-date, PLNT is now down more than 41%.
Institutional investors hold roughly 95.5% of the stock.
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