Technology Crossover Management IX Ltd. Invests $21.73 Billion in Peloton Interactive, Inc. $PTON

Key Points

• Technology Crossover Management IX Ltd. acquired 3.68 million Peloton shares during the second quarter, reported as valued at approximately $21.73 billion, representing about 0.85% of Peloton and 3.1% of the fund’s portfolio. Institutional investors collectively own 77.01% of the stock.
• Peloton insiders sold 74,637 shares worth about $405,000 over the past 90 days, including sales by Chief Accounting Officer Saqib Baig and Director Karen Boone. Company insiders own 1.30% of the shares.
• Peloton reported quarterly EPS of $0.13, beating estimates of $0.11, while revenue reached $607.7 million versus expectations of $596.6 million. Analysts maintain a consensus “Hold” rating with an average price target of $7.94, compared with the stock’s $5.31 opening price.

Technology Crossover Management IX Ltd. acquired a new position in Peloton Interactive, Inc. (NASDAQ:PTON - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,676,413 shares of the company's stock, valued at approximately $21,727,601,000. Peloton Interactive accounts for about 3.1% of Technology Crossover Management IX Ltd.'s portfolio, making the stock its 5th biggest position. Technology Crossover Management IX Ltd. owned about 0.85% of Peloton Interactive at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PTON. Vident Advisory LLC increased its position in Peloton Interactive by 1.1% during the 2nd quarter. Vident Advisory LLC now owns 110,258 shares of the company's stock valued at $765,000 after purchasing an additional 1,180 shares during the period. Cresset Asset Management LLC lifted its position in shares of Peloton Interactive by 11.9% in the 3rd quarter. Cresset Asset Management LLC now owns 12,748 shares of the company's stock worth $115,000 after purchasing an additional 1,354 shares during the period. Vise Technologies Inc. lifted its position in shares of Peloton Interactive by 10.3% in the 3rd quarter. Vise Technologies Inc. now owns 15,680 shares of the company's stock worth $141,000 after purchasing an additional 1,466 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Peloton Interactive by 10.2% in the 1st quarter. Principal Financial Group Inc. now owns 21,263 shares of the company's stock valued at $91,000 after purchasing an additional 1,967 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Peloton Interactive by 21.8% in the 1st quarter. NewEdge Advisors LLC now owns 12,405 shares of the company's stock valued at $53,000 after purchasing an additional 2,223 shares during the last quarter. 77.01% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Saqib Baig sold 36,439 shares of the firm's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $5.36, for a total value of $195,313.04. Following the completion of the sale, the chief accounting officer directly owned 272,641 shares in the company, valued at $1,461,355.76. This trade represents a 11.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Karen Boone sold 25,000 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.35, for a total value of $133,750.00. Following the completion of the sale, the director directly owned 236,063 shares of the company's stock, valued at $1,262,937.05. The trade was a 9.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 74,637 shares of company stock valued at $405,368. 1.30% of the stock is currently owned by company insiders.

Peloton Interactive Stock Up 0.4%

Peloton Interactive stock opened at $5.31 on Wednesday. The company has a market capitalization of $2.33 billion, a PE ratio of 44.25, a PEG ratio of 0.36 and a beta of 2.52. Peloton Interactive, Inc. has a 12-month low of $3.65 and a 12-month high of $9.20. The firm's fifty day moving average is $5.91 and its 200 day moving average is $5.20.

Peloton Interactive (NASDAQ:PTON - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. Peloton Interactive had a net margin of 2.58% and a negative return on equity of 23.92%. The business had revenue of $607.70 million during the quarter, compared to analysts' expectations of $596.60 million. During the same period last year, the company posted $0.05 earnings per share. The business's quarterly revenue was up .1% on a year-over-year basis. Sell-side analysts expect that Peloton Interactive, Inc. will post 0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. UBS Group reissued a "buy" rating on shares of Peloton Interactive in a research note on Monday, June 15th. Weiss Ratings raised shares of Peloton Interactive from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, May 26th. Telsey Advisory Group reiterated a "market perform" rating on shares of Peloton Interactive in a report on Monday, August 3rd. Wall Street Zen raised Peloton Interactive from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. Finally, The Goldman Sachs Group boosted their price objective on Peloton Interactive from $7.00 to $8.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Five equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Peloton Interactive presently has a consensus rating of "Hold" and an average target price of $7.94.

Peloton Interactive Company Profile

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.

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