Planet Fitness (NYSE:PLNT) Surges on Blink Holdings Buyout Plan – TipRanks.com
There may be quite a few new Planet Fitness (PLNT) locations opening up soon as the gym chain looks to acquire a bankrupt budget fitness operation, Blink Holdings. The news was intensely welcome to shareholders, and shares surged up over 5% in response.
Blink was, a CNBC report noted, a luxury gym chain. However, its plan to enter the budget market did not go so well, and ultimately, Blink shut its doors. A bankruptcy auction followed, and Planet Fitness was there to get in on the action. However it lost out to PureGym, a privately-held gym chain out of the United Kingdom.
That did not stop Planet Fitness, however, and it is making another play for the Blink properties in the United States. Actually, two: Planet Fitness offered $142 million, including a deposit for $28.4 million, if it does not need to address antitrust concerns. The other offer assumes it must address such concerns, and raises the price tag to $155 million with a $31 million deposit. Given Donald Trump’s victory for president last night, and the likely Federal Trade Commission shakeup to follow, that second offer may not be necessary.
A Play for Public Connection
Meanwhile, Planet Fitness is looking to make some better connections to its user base. Just yesterday, it offered free massages on Election Day, and that included hydromassages. Normally, hydromassage is a Black Card Spa-level perk, but considering how stressed out everybody was yesterday in the United States, Planet Fitness did its part.
It is also poised to open up a new location in Ohio, in the Midway Plaza Shopping Plaza. Planet Fitness already has several locations in the area, noted the Dayton Daily News, and the new location plans to open starting in mid-November, complete with 15 new jobs.
Is Planet Fitness Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Strong Buy consensus rating on DIS stock based on 15 Buys and five Holds assigned in the past three months, as indicated by the graphic below. After a 34.36% rally in its share price over the past year, the average PLNT price target of $86.29 per share implies 2.51% upside potential.
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