PLNT Collar Strategy
PLNT (Planet Fitness, Inc.), in the Consumer Cyclical sector, (Leisure industry), listed on NYSE.
Planet Fitness, Inc., encompassing its various holdings, develops and oversees fitness facilities operating under the Planet Fitness brand. The company's business model is organized into three distinct divisions: Franchising, Corporate-Owned Locations, and Equipment Sales. Its Franchising division manages the licensing of Planet Fitness centers throughout the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The Corporate-Owned Locations segment is responsible for the direct operation of company-owned fitness clubs within the United States and Canada. Furthermore, the Equipment Sales division supplies fitness machinery to its franchised establishments located in the U.S. and Canada. As of December 31, 2021, the firm maintained a total of 2,254 centers spanning 50 U.S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia.
PLNT (Planet Fitness, Inc.) trades in the Consumer Cyclical sector, specifically Leisure, with a market capitalization of approximately $4.19B, a trailing P/E of 18.34, a beta of 1.04 versus the broader market, a 52-week range of 37.03-114.47, average daily share volume of 2.4M, a public-listing history dating back to 2015, approximately 4K full-time employees. These structural characteristics shape how PLNT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.04 places PLNT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on PLNT?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current PLNT snapshot
As of June 29, 2026, spot at $51.86, ATM IV 42.40%, IV rank 29.01%, expected move 12.16%. The collar on PLNT below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 18-day expiry.
Why this collar structure on PLNT specifically: IV regime affects collar pricing on both sides; compressed PLNT IV at 42.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 12.16% (roughly $6.30 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PLNT expiries trade a higher absolute premium for lower per-day decay. Position sizing on PLNT should anchor to the underlying notional of $51.86 per share and to the trader's directional view on PLNT stock.
PLNT collar setup
The PLNT collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PLNT near $51.86, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PLNT chain at a 18-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 PLNT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $51.86 | long |
| Sell 1 | Call | $55.00 | $0.90 |
| Buy 1 | Put | $50.00 | $1.20 |
PLNT collar risk and reward
- Net Premium / Debit
- -$5,216.00
- Max Profit (per contract)
- $284.00
- Max Loss (per contract)
- -$216.00
- Breakeven(s)
- $52.16
- Risk / Reward Ratio
- 1.315
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
PLNT collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on PLNT. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$216.00 |
| $11.48 | -77.9% | -$216.00 |
| $22.94 | -55.8% | -$216.00 |
| $34.41 | -33.7% | -$216.00 |
| $45.87 | -11.5% | -$216.00 |
| $57.34 | +10.6% | +$284.00 |
| $68.80 | +32.7% | +$284.00 |
| $80.27 | +54.8% | +$284.00 |
| $91.73 | +76.9% | +$284.00 |
| $103.20 | +99.0% | +$284.00 |
When traders use collar on PLNT
Collars on PLNT hedge an existing long PLNT stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
PLNT thesis for this collar
The market-implied 1-standard-deviation range for PLNT extends from approximately $45.56 on the downside to $58.16 on the upside. A PLNT collar hedges an existing long PLNT position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current PLNT IV rank near 29.01% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on PLNT at 42.40%. As a Consumer Cyclical name, PLNT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PLNT-specific events.
PLNT collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. PLNT positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PLNT alongside the broader basket even when PLNT-specific fundamentals are unchanged. Always rebuild the position from current PLNT chain quotes before placing a trade.
Frequently asked questions
- What is a collar on PLNT?
- A collar on PLNT is the collar strategy applied to PLNT (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With PLNT stock trading near $51.86, the strikes shown on this page are snapped to the nearest listed PLNT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PLNT collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the PLNT collar priced from the end-of-day chain at a 30-day expiry (ATM IV 42.40%), the computed maximum profit is $284.00 per contract and the computed maximum loss is -$216.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PLNT collar?
- The breakeven for the PLNT collar priced on this page is roughly $52.16 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current PLNT market-implied 1-standard-deviation expected move is approximately 12.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on PLNT?
- Collars on PLNT hedge an existing long PLNT stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current PLNT implied volatility affect this collar?
- PLNT ATM IV is at 42.40% with IV rank near 29.01%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.