Peloton Interactive (NASDAQ:PTON) Reaches New 52-Week High – Here’s Why

Peloton Interactive, Inc. (NASDAQ:PTON)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $10.64 and last traded at $10.58, with a volume of 5685352 shares changing hands. The stock had previously closed at $10.25.

Analyst Ratings Changes

A number of brokerages recently commented on PTON. Needham & Company LLC reissued a “hold” rating on shares of Peloton Interactive in a report on Friday, November 1st. Bank of America raised shares of Peloton Interactive from an “underperform” rating to a “buy” rating and raised their price target for the stock from $3.75 to $9.00 in a research report on Monday, November 4th. Canaccord Genuity Group upped their price target on shares of Peloton Interactive from $4.00 to $5.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Morgan Stanley raised their price objective on shares of Peloton Interactive from $3.50 to $5.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. upped their target price on shares of Peloton Interactive from $5.00 to $7.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Sixteen equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.97.

Peloton Interactive Trading Up 2.9 %

The firm has a market cap of $4.02 billion, a price-to-earnings ratio of -9.81 and a beta of 1.90. The stock has a 50-day moving average of $7.82 and a 200-day moving average of $5.28.

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

Insider Activity

In other news, CAO Saqib Baig sold 36,776 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $7.53, for a total transaction of $276,923.28. Following the transaction, the chief accounting officer now directly owns 137,357 shares of the company’s stock, valued at approximately $1,034,298.21. This trade represents a 21.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Elizabeth F. Coddington sold 186,462 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $7.58, for a total transaction of $1,413,381.96. Following the completion of the sale, the chief financial officer now directly owns 223,017 shares of the company’s stock, valued at $1,690,468.86. The trade was a 45.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 430,539 shares of company stock valued at $3,260,596. Insiders own 1.34% of the company’s stock.

Institutional Inflows and Outflows

A number of 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 during the 3rd quarter valued at $5,724,000. Gtcr LLC bought a new position in Peloton Interactive during the third quarter valued at about $65,520,000. Two Sigma Advisers LP grew its holdings in Peloton Interactive by 2.9% during the third quarter. Two Sigma Advisers LP now owns 7,440,900 shares of the company’s stock worth $34,823,000 after acquiring an additional 206,500 shares during the period. Select Equity Group L.P. bought a new stake in Peloton Interactive in the second quarter worth about $1,832,000. Finally, Versor Investments LP acquired a new stake in Peloton Interactive in the 3rd quarter valued at about $415,000. Institutional investors and hedge funds own 77.01% of the company’s stock.

Peloton Interactive Company Profile

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.