Planet Fitness Stock Rises From Lows on Upgrade

The shares of Planet Fitness Inc (NYSE:PLNT) are up 5% at $58.69 at last glance, after Raymond James upgraded the stock to "strong buy" from "market perform." The analyst in coverage sees growth opportunity/a favorable valuation after the stock's recent slump, and cited the company's "highly resilient business model." 

Today's bounce has PLNT rebounding from last session's two-year low of $54.15. The stock is currently below all significant daily moving averages, with recent pressure at the 20-day trendline. A short-term bounce could've already been in the cards, however, as Planet Fitness stock's 14-day relative strength index (RSI) of 27.2 sits in "oversold" territory. Year-to-date, the equity is down 35.8%. 

This bull note appears to be causing a sentiment shift in the options pits. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 10.90 puts have been bought for every call in the last 10 weeks. This ratio ranks in the 81st percentile of its annual range, showing puts being picked up at a faster-than-usual rate during this time.

Today, however, call volume is running at seven times the intraday average and heavily outweighing puts volume. The January 2023 57.50-strike call is the most popular, with new positions being opened there.