A Planet Fitness (NYSE:PLNT) price increase will result in some members having to pay more if they want to work out at the gym and fitness company’s locations.
Planet Fitness has increased the price of its Classic membership from $10 to $15 per month. This is the first increase since 1998.
One thing to note is that this Planet Fitness price increase only affects new Classic members and won’t go into effect until the summer. Planet Fitness customers who already have a Classic membership will continue to pay $10 per month for the length of their membership.
Planet Fitness interim CEO Craig Benson said the following about the company’s changes to CNBC:
“We faced several headwinds which impacted our results including a shift in consumer focus in the New Year to savings and concern over the increase in Covid infections and other illnesses.”
PLNT Stock Movement on Friday
Investors in PLNT stock aren’t happy about today’s news. This has more than 1 million shares of the stock changing hands as of this writing. That’s still below its daily average trading volume of about 1.9 million shares.
PLNT stock is down 1.5% as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
