Planet Fitness (NYSE: PLNT) Stock Plunges Amidst Lowered Outlook and Price Target

• Analyst firm KeyBanc maintained an "Overweight" rating on Planet Fitness stock but significantly lowered its price target from $100.00 to $65.00.
• The Planet Fitness share price experienced a historic single-day plunge of over 31% following a revised, weaker full-year revenue and profit outlook.
• This revised financial outlook was primarily due to weaker-than-expected new member sign-ups, prompting Planet Fitness to pause a planned price increase for its premium Black Card membership.

Planet Fitness (NYSE: PLNT) is a large operator of fitness centers in the United States, known for its low-cost membership model. On May 8, 2026, analyst firm KeyBanc maintained its "Overweight" rating for Planet Fitness. An "Overweight" rating suggests an analyst believes the stock will perform better than the overall market in the future.

Despite the positive analyst rating, KeyBanc significantly lowered its price target for Planet Fitness to $65.00 from $100.00. A price target is an analyst's projection of a stock's future price. This update occurred when the Planet Fitness stock was trading at $44.01, following a historic plunge of over 31% in a single day.

The Planet Fitness stock's sharp decline, marking its worst day on record, was a reaction to the company's latest earnings report. As highlighted by Barrons, Planet Fitness slashed its full-year revenue and profit outlook. This means the company lowered its expectations for how much money it will make for the rest of the year.

This revision was caused by weaker-than-expected new member sign-ups in the first quarter, which is usually the company's busiest period. As a result, Planet Fitness has paused a planned price increase for its premium Black Card membership. CEO Colleen Keating attributed the slowdown to "internal and external headwinds," as reported by CNBC, impacting the company's membership trends.

The company now expects revenue growth of 7%, down from a previous estimate of 9%. It also projects same-club sales, which is the growth from gyms open for at least a year, to be just 1%. This new, weaker financial outlook overshadowed the reported first-quarter revenue growth of 21.9%.