PLNT - Why Planet Fitness Stock Jumped This Week
Shares of Planet Fitness (NYSE: PLNT) are up 14.1% through the market close on Thursday. Earlier this month, the company reported that it had regained approximately 75% of the members it had lost from the peak in Q1 2020 to the low in Q4 2020. It's seeing uncharacteristically high membership momentum as the economy reopens.
Two investment firms weighed in recently with a bullish view on the direction of the business and therefore the stock price. Morgan Stanley initiated coverage of Planet Fitness with an overweight rating and a $93 price target, while Roth Capital upgraded the stock to a buy from neutral with a $100 price target. Both targets are higher than the closing price on Thursday of $80.
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Why Planet Fitness Stock Jumped This Week