But to change Siegel's mind on the sell rating, he would need to see an even bigger Total Addressable Market than what bulls expect. Planet Fitness (PLNT), which he notes has a different business model from Peloton, has 15 million members and a market capitalization of around $5 billion. Whereas Peloton currently has around 1 million connected fitness members and a market capitalization of around $32 billion.