Planet Health Inventory Soars After Jefferies Says ‘Pelotons Ache Is Planets Achieve’

Planet Fitness Inc. shares rose 0.3% on Monday lunchtime to erase an earlier intraday loss of as much as 2.5% after Jefferies analyst Randal Konik urged investors to buy, a day before the gym Operator announced the results of the third quarter. Konik’s recommendation comes after Peloton Interactive Inc., the home and connected fitness company, last week reported a better-than-expected quarterly loss for the sixth consecutive year and a disappointing outlook for the holiday season. “[Peloton] reported results suggesting at-home fitness is declining, and rapidly,” Konik wrote in a note to clients. “In contrast, our data suggests that gyms are strong and getting stronger, and we’re seeing [Planet Fitness] In other words, “Peloton’s pain is Planet’s gain,” he wrote. The company is scheduled to report results before the opening bell on Tuesday, with the company expected to report a ninth straight quarterly profit rising to 38 cents a share from 25 cents, according to FactSet. Revenue is expected to be up 52% ​​to 234.5 million US dollar rise. The stock is down 21.8% year-to-date, while Peloton shares are down 22.9% and the S&P 500 is down 8.8%.

-Tommy Kilgore

(ENDS) Dow Jones Newswires

11-07-22 1234ET

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