Put volume is running at nine times the intraday average
Planet Fitness Inc (NYSE:PLNT) is drawing bearish attention today, with 8,179 puts exchanged so far — nine times the intraday average volume — compared to 3,311 calls. While there is no specific catalyst for today’s negative price action, PLNT was last seen down 6.8% at $55.66 — its lowest level since November — while eyeing its fifth-straight daily drop and worst day since September. The stock has already shed over 23% in 2024.
This pessimism has been prevalent over the past two weeks. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity’s 10-day put/call volume ratio of 2.25 sits higher than 91% of readings from the last 12 months.
These traders are in luck, as options are reasonably priced at the moment. This is per PLNT’s Schaeffer’s Volatility Index (SVI) of 31%, which ranks in the low 18th percentile of its annual range.
What’s more, Planet Fitness stock has exceeded option traders’ volatility expectations over the past 12 months — a good thing for options traders per its Schaeffer’s Volatility Scorecard (SVS) of 96 out of 100.