Headlands Technologies LLC Reduces Position in Peloton Interactive, Inc. (NASDAQ:PTON)

Key Points

• Headlands Technologies LLC reduced its stake in Peloton Interactive, Inc. by 98.1%, owning only 5,994 shares after selling 306,346 shares in the first quarter.
• Peleton reported an earnings per share of $0.05 for the last quarter, surpassing expectations of ($0.07) and despite a 5.8% year-over-year revenue decline.
• Analysts have set a new price target for Peloton shares, with UBS Group raising it to $11.00 and Goldman Sachs to $11.50, reflecting a mix of ratings between "hold" and "buy".

Headlands Technologies LLC reduced its stake in Peloton Interactive, Inc. (NASDAQ:PTON - Free Report) by 98.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,994 shares of the company's stock after selling 306,346 shares during the quarter. Headlands Technologies LLC's holdings in Peloton Interactive were worth $38,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Peloton Interactive by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 37,246,652 shares of the company's stock valued at $235,399,000 after purchasing an additional 2,186,862 shares during the last quarter. Bank of Nova Scotia lifted its stake in Peloton Interactive by 22.0% during the 1st quarter. Bank of Nova Scotia now owns 18,620 shares of the company's stock worth $118,000 after acquiring an additional 3,354 shares in the last quarter. R Squared Ltd lifted its stake in Peloton Interactive by 385.8% during the 1st quarter. R Squared Ltd now owns 15,740 shares of the company's stock worth $99,000 after acquiring an additional 12,500 shares in the last quarter. Banco Santander S.A. acquired a new position in Peloton Interactive during the 1st quarter worth about $268,000. Finally, Forge First Asset Management Inc. acquired a new position in Peloton Interactive during the 1st quarter worth about $944,000. 77.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PTON shares. Telsey Advisory Group reissued a "market perform" rating and set a $8.00 target price on shares of Peloton Interactive in a research note on Thursday, August 7th. Macquarie increased their target price on Peloton Interactive from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Thursday. Needham & Company LLC reissued a "hold" rating on shares of Peloton Interactive in a research note on Thursday, August 7th. The Goldman Sachs Group raised Peloton Interactive from a "neutral" rating to a "buy" rating and increased their target price for the stock from $7.00 to $11.50 in a research note on Friday, August 8th. Finally, Morgan Stanley increased their target price on Peloton Interactive from $4.00 to $5.75 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $8.79.

Peloton Interactive Price Performance

Shares of PTON traded up $0.03 during mid-day trading on Friday, reaching $8.52. The company's stock had a trading volume of 9,377,613 shares, compared to its average volume of 16,617,784. Peloton Interactive, Inc. has a 12-month low of $3.11 and a 12-month high of $10.90. The stock has a market cap of $3.32 billion, a PE ratio of -27.48 and a beta of 2.08. The company's 50 day moving average is $6.87 and its 200 day moving average is $6.91.

Peloton Interactive (NASDAQ:PTON - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.12. The business had revenue of $606.90 million during the quarter, compared to analysts' expectations of $580.29 million. During the same quarter in the previous year, the company posted ($0.08) EPS. The company's revenue was down 5.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Peloton Interactive, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity

In related news, CFO Elizabeth F. Coddington sold 38,708 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $6.96, for a total transaction of $269,407.68. Following the transaction, the chief financial officer owned 294,342 shares in the company, valued at $2,048,620.32. This trade represents a 11.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Nick V. Caldwell sold 63,925 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $6.99, for a total value of $446,835.75. Following the transaction, the insider owned 578,668 shares in the company, valued at $4,044,889.32. This represents a 9.95% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 153,556 shares of company stock worth $1,090,408. 1.34% of the stock is currently owned by insiders.

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.