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Planet Fitness Stock Jumps 11% on Phase One Reopening Chatter

Planet Fitness (NYSE:PLNT) stock is heating up on Friday after new guidelines open the way for it to reopen.

Planet Fitness Stock Jumps 11% on Phase One Reopening Chatter

Source: Ken Wolter / Shutterstock.com

New guidelines from the White House reveal plans for how businesses may reopen during the novel coronavirus outbreak. These plans include three steps to reopening, with each of the steps lasting for roughly 14 days.

The first phase will allow gyms, such as Planet Fitness, to reopen their businesses. However, the guidelines do require that they “adhere to strict physical distancing and sanitation protocols.”

Opening the way for businesses to reopen is a major boon to Planet Fitness stock. The company, as is true with many others, has been struggling with closed down businesses leaving them unable to make money off of customers.

With the new guidelines from the government, Planet Fitness will be one of the first locations allowed to reopen its locations. It will also allow it to continue operations through each phase of the guidelines.

It’s worth pointing out that these guidelines are just that. The federal government is not forcing states to move forward with this plan. Instead, each governor will be able to choose if they want to follow the new guidelines for their state.

While the coronavirus pandemic has been horrible for many businesses, there are those it has helped. Nautilus (NYSE:NLS), a seller of home workout equipment, has seen an increase in sales as athletes look to keep their normal routines going while stuck at home.

PLNT stock was up 10.61% and NLS stock was down 2.92% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/04/planet-fitness-stock-jumps-on-reopening-talk/.

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