Welcome to Extreme Investor Network, where we bring you the latest and most exclusive business news updates. Today, we’ll be discussing the recent developments at Xponential Fitness, the parent company of CycleBar and Pure Barre fitness studios.
Shares of Xponential Fitness took a hit recently after the company announced the suspension of CEO Anthony Geisler and his removal as an active board member. The stock price plummeted nearly 30%, bringing the market cap below $500,000. However, shares have since rebounded, showing signs of recovery.
In the midst of these changes, Brenda Morris, a board member since 2019, will be stepping in as interim CEO. This transition comes in the wake of a probe by the U.S. Attorney’s Office for the Central District of California. Xponential Fitness has stated that they will continue to cooperate with both the SEC and the USAO in light of the investigations.
Despite these challenges, Xponential Fitness has reaffirmed its full-year 2024 guidance, providing some stability for investors. Analysts at Piper Sandler maintain a hold rating on the stock, but have lowered their price target in light of recent events.
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