From CNBC: 2024-05-09 14:37:59

Planet Fitness is raising its base-level membership prices for new customers for the first time since 1998. The classic card membership will be $15 per month for new members, while current members will still pay $10 per month. The decision comes after weaker-than-expected first-quarter revenue and lower guidance for the year.

Despite the price hike, analysts see positive catalysts ahead for Planet Fitness. The company’s new CEO, Colleen Keating, who takes over on June 10, is expected to lead a successful turnaround. Piper Sandler maintains a “buy” rating on the company’s stock with a price target of $80. Shares increased by 9% on Thursday.



Read more at CNBC: Planet Fitness raises prices even as customers grow cost-conscious