Shares of Planet Fitness plunged Thursday after the fitness company slashed its guidance and canceled planned price hikes.
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Shares of Planet Fitness
plunged more than 30% Thursday after the company reported a drag on sign-ups and trimmed its guidance.
The stock was having its worst day ever Thursday, as of midday trading.
Even though the fitness company saw 21.9% revenue growth in its first fiscal quarter and same club sales increased by 3.5%, CEO Colleen Keating said the company saw a “slower than expected start from a net member growth perspective.”
Planet Fitness could be among the beneficiaries of the GLP-1 craze, according to Stifel.
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The sportswear brand said it expects full-year sales to decline by a low-double digit percentage this year.
