Planet Fitness (PLNT) was down about 3% in Monday trading as the stock faced renewed pressure from analyst actions and pre-earnings positioning. The most immediate headline catalyst is a recent RBC Capital price-target cut to $85 from $120, with the firm pointing to elevated uncertainty around first-quarter net member additions, 2026 guidance, and longer-term expectations ahead of the upcoming results report.

The selloff reflects lingering sensitivity to the company’s 2026 outlook, after earlier guidance commentary drove a sharp post-earnings decline earlier in 2026. With the next earnings report scheduled for May 7, 2026, traders are leaning defensive into the print, particularly with buy-side focus on membership net adds, same-club sales momentum, and whether management reiterates or adjusts its full-year framework.

Near-term direction likely hinges on management’s tone and numbers on May 7, including Q1 member trends and any changes to 2026 guidance assumptions. Investors will also track whether additional analysts revise targets or estimates as the earnings date approaches, and whether the stock’s decline toward the low end of its recent trading range triggers incremental value-oriented buying.