Avidity Partners Management LP Acquires New Position in Peloton Interactive, Inc. $PTON

Key Points

• Avidity Partners Management acquired 200,000 Peloton shares in the first quarter, valued at approximately $858,000. Institutional investors and hedge funds collectively own 77.01% of Peloton’s outstanding stock.
• Peloton reported quarterly EPS of $0.06, slightly below the $0.07 consensus estimate, while revenue increased 1.1% year over year. Shares opened at $6.39, within a 52-week range of $3.65 to $9.20.
• Analyst sentiment remains mixed, with five Buy, eight Hold and one Sell rating, producing a consensus rating of Hold and an average price target of $7.94. Meanwhile, insiders sold 160,769 shares worth approximately $844,525 during the quarter.

Avidity Partners Management LP bought a new stake in shares of Peloton Interactive, Inc. (NASDAQ:PTON - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 200,000 shares of the company's stock, valued at approximately $858,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PTON. Bank of America Corp DE increased its position in Peloton Interactive by 11.7% in the first quarter. Bank of America Corp DE now owns 1,640,981 shares of the company's stock worth $7,040,000 after buying an additional 172,211 shares during the period. Altshuler Shaham Ltd acquired a new position in shares of Peloton Interactive during the first quarter valued at $1,585,000. Kanen Wealth Management LLC acquired a new position in shares of Peloton Interactive during the first quarter valued at $7,560,000. MSA Advisors LLC bought a new position in shares of Peloton Interactive during the first quarter worth about $78,000. Finally, Amundi increased its holdings in shares of Peloton Interactive by 277.9% in the 1st quarter. Amundi now owns 55,010 shares of the company's stock worth $236,000 after acquiring an additional 40,453 shares during the period. 77.01% of the stock is currently owned by institutional investors and hedge funds.

Peloton Interactive Price Performance

NASDAQ PTON opened at $6.39 on Friday. Peloton Interactive, Inc. has a fifty-two week low of $3.65 and a fifty-two week high of $9.20. The stock's 50-day moving average is $5.96 and its two-hundred day moving average is $5.24. The firm has a market cap of $2.77 billion, a P/E ratio of 159.79, a price-to-earnings-growth ratio of 0.47 and a beta of 2.52.

Peloton Interactive (NASDAQ:PTON - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). Peloton Interactive had a negative return on equity of 6.95% and a net margin of 0.94%.During the same period in the prior year, the company posted ($0.12) EPS. The business's quarterly revenue was up 1.1% on a year-over-year basis. On average, equities analysts expect that Peloton Interactive, Inc. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

PTON has been the subject of a number of analyst reports. The Goldman Sachs Group boosted their target price on shares of Peloton Interactive from $7.00 to $8.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Weiss Ratings upgraded shares of Peloton Interactive from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, May 26th. UBS Group reiterated a "buy" rating on shares of Peloton Interactive in a research report on Monday, June 15th. Telsey Advisory Group reaffirmed a "market perform" rating on shares of Peloton Interactive in a research report on Wednesday, May 27th. Finally, Wall Street Zen upgraded Peloton Interactive from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Peloton Interactive presently has an average rating of "Hold" and a consensus price target of $7.94.

Insider Activity at Peloton Interactive

In other news, insider Dion C. Sanders sold 112,523 shares of Peloton Interactive stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $5.19, for a total value of $583,994.37. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Saqib Baig sold 29,075 shares of Peloton Interactive stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.27, for a total transaction of $153,225.25. Following the completion of the transaction, the chief financial officer owned 250,019 shares in the company, valued at $1,317,600.13. This trade represents a 10.42% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 160,769 shares of company stock worth $844,525. Corporate insiders own 1.30% of the company's stock.

About Peloton Interactive

Peloton Interactive, Inc operates a digital fitness platform that combines connected exercise equipment with live and on-demand workout classes. The company's core products include stationary bikes (Peloton Bike and Bike+), treadmills (Peloton Tread and Tread+), and the Peloton Row. Each device integrates a touchscreen display that streams instructor-led cycling, running, strength, yoga, meditation and other fitness classes. Peloton generates recurring revenue through subscription plans, which grant users access to its growing library of workouts, performance tracking tools and community features.

Founded in 2012 by John Foley and headquartered in New York City, Peloton set out to deliver an immersive home-fitness experience by blending hardware, software and content.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.