Planet Fitness Inc. (NYSE: PLNT) entered the market with its initial public offering (IPO) on August 6. Now that the quiet period for this stock is over, the underwriters can issue calls. And this company had an overwhelmingly positive reaction from analysts.

The company set its IPO price at $16, on the high side of its expected price range of $14 to $16. The offering was for 13.5 million shares, with an overallotment option for an additional 2.025 million shares. At the price, the entire offering was valued up to $248.4 million.

The company considers itself one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations.

The locations are typically 20,000 square feet, with Planet Fitness-branded cardio, circuit- and weight-training equipment. The base rate is $10 per month for standard membership.

The underwriters for the offering were JPMorgan, Merrill Lynch, Jefferies, Credit Suisse, Guggenheim, Baird, William Blair, Piper Jaffray and Cowen.

The company was started as Buy with a $19 price target (versus a $16.78 close) at Merrill Lynch. Cowen assigned a Buy rating with a $21 price target. Piper Jaffray started Planet Fitness as Overweight and with a $19.00 price target.

A few other key analysts weighed in on Planet fitness as well:

• Guggenheim initiated coverage with a Buy rating.
• William Blair initiated coverage with an Outperform rating.
• Jefferies initiated coverage with a Buy rating.
• JPMorgan initiated coverage with an Overweight rating and a $20 price target.
• Credit Suisse initiated coverage with an Outperform rating and a $19 price target.
• Baird initiated coverage with an Outperform rating and a $22 price target.

Shares of Planet Fitness were up 5% at $17.63 Monday morning. The stock has a post-IPO trading range of $13.65 to $19.40.

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