Peloton Interactive (NASDAQ:PTON) Stock Price Down 8.8% – Here’s Why

Peloton Interactive, Inc. (NASDAQ:PTON) dropped 8.8% on Wednesday . The company traded as low as $9.56 and last traded at $9.64. Approximately 10,781,675 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 16,208,889 shares. The stock had previously closed at $10.57.

Analyst Upgrades and Downgrades

PTON has been the subject of a number of recent research reports. Telsey Advisory Group increased their price target on shares of Peloton Interactive from $5.00 to $9.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. BMO Capital Markets lifted their target price on Peloton Interactive from $6.50 to $8.50 and gave the company a “market perform” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. upped their price target on Peloton Interactive from $5.00 to $7.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Canaccord Genuity Group increased their price target on shares of Peloton Interactive from $4.00 to $5.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Finally, Roth Mkm boosted their target price on Peloton Interactive from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Sixteen research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $6.97.

Peloton Interactive Price Performance

The firm has a 50-day simple moving average of $8.12 and a 200 day simple moving average of $5.39. The company has a market capitalization of $3.58 billion, a PE ratio of -8.77 and a beta of 1.90.

Peloton Interactive (NASDAQ:PTON) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). The business had revenue of $586.00 million during the quarter, compared to analysts’ expectations of $572.97 million. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.44) EPS. Equities research analysts expect that Peloton Interactive, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at Peloton Interactive

In other Peloton Interactive news, CAO Saqib Baig sold 36,776 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $7.53, for a total transaction of $276,923.28. Following the completion of the sale, the chief accounting officer now owns 137,357 shares in the company, valued at $1,034,298.21. The trade was a 21.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Chris Bruzzo sold 24,977 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $5.80, for a total transaction of $144,866.60. Following the sale, the chief executive officer now directly owns 149,240 shares in the company, valued at $865,592. This trade represents a 14.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 430,539 shares of company stock valued at $3,260,596 over the last ninety days. Corporate insiders own 1.34% of the company’s stock.

Institutional Trading of Peloton Interactive

Several hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. bought a new position in Peloton Interactive in the 3rd quarter worth about $5,724,000. Gtcr LLC acquired a new stake in Peloton Interactive in the 3rd quarter valued at approximately $65,520,000. Two Sigma Advisers LP increased its holdings in shares of Peloton Interactive by 2.9% during the third quarter. Two Sigma Advisers LP now owns 7,440,900 shares of the company’s stock valued at $34,823,000 after purchasing an additional 206,500 shares during the period. Select Equity Group L.P. bought a new stake in shares of Peloton Interactive during the second quarter valued at about $1,832,000. Finally, Versor Investments LP acquired a new stake in Peloton Interactive in the third quarter worth about $415,000. Institutional investors own 77.01% of the company’s stock.

About Peloton Interactive

Peloton Interactive, Inc operates interactive fitness platform in North America and internationally. The company offers connected fitness products with touchscreen that streams live and on-demand classes under the Peloton Bike, Peloton Bike+, Peloton Tread, Peloton Tread+, Peloton Guide, and Peloton Row names.