Underwhelming Planet Fitness Stock Grabs Fresh Upgrade

PLNT has analyst support despite recent negative price action

by Emma Duncan

Published on Oct 14, 2019 at 9:09 AM

Shares of fitness chain Planet Fitness Inc (NYSE:PLNT) are moving 1.6% higher in pre-market trading, fresh off an upgrade out of Imperial Capital. The brokerage firm upgraded to "outperform" from "in-line," calling the exercise specialist a "best in class" stock. The analyst also cited notable consumer growth.

PLNT has struggled on the charts since touching a record high of $81.76 in mid-June. In fact, the shares dropped as low as $56.14 last week, with the 20-day moving average capping Friday's short-lived breakout attempt. Over the past six months, Planet Fitness stock has shed 18%.

In the options pits, the stock's 10-day put/call volume ratio comes in at 1.61 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks in the 94th annual percentile, meaning puts have been purchased over calls at a faster-than-usual clip during the past two weeks.

Despite PLNT's recent underwhelming price action, 10 of 14 analysts carry a "buy" or better rating coming into today. Plus, the stock's average 12-month price target comes in at $81.82 -- almost 40% above current trading levels.

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