Zweig DiMenna Associates LLC Takes $2.23 Million Position in Peloton Interactive, Inc. (NASDAQ:PTON)

Key Points

• Zweig DiMenna Associates LLC acquired 352,000 shares of Peloton Interactive, valued at approximately $2.2 million, during the first quarter of 2023.
• Peloton's fundamentals remain challenged, reporting a loss of ($0.12) EPS for the quarter, missing estimates, while revenue fell 13.1% year-over-year.
• Analysts have mixed views on Peloton, with Goldman Sachs lowering its price target to $7.00 and Truist Financial upgrading it to a buy rating with an $11.00 target.

Zweig DiMenna Associates LLC purchased a new position in shares of Peloton Interactive, Inc. (NASDAQ:PTON - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 352,000 shares of the company's stock, valued at approximately $2,225,000. Zweig DiMenna Associates LLC owned about 0.09% of Peloton Interactive at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Raymond James Financial Inc. bought a new stake in Peloton Interactive in the fourth quarter valued at approximately $1,158,000. Xponance Inc. increased its stake in Peloton Interactive by 14.8% in the fourth quarter. Xponance Inc. now owns 25,895 shares of the company's stock valued at $225,000 after purchasing an additional 3,337 shares in the last quarter. Virtu Financial LLC bought a new stake in Peloton Interactive in the fourth quarter valued at approximately $196,000. Sei Investments Co. increased its stake in Peloton Interactive by 621.4% in the fourth quarter. Sei Investments Co. now owns 142,388 shares of the company's stock valued at $1,239,000 after purchasing an additional 122,649 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Peloton Interactive in the fourth quarter valued at approximately $580,000. 77.01% of the stock is owned by institutional investors.

Peloton Interactive Stock Performance

NASDAQ:PTON traded down $0.13 during mid-day trading on Tuesday, reaching $6.26. 5,037,437 shares of the company's stock were exchanged, compared to its average volume of 13,848,217. Peloton Interactive, Inc. has a one year low of $2.83 and a one year high of $10.90. The firm has a market capitalization of $2.44 billion, a PE ratio of -14.21 and a beta of 2.11. The business's fifty day simple moving average is $6.75 and its two-hundred day simple moving average is $6.98.

Peloton Interactive (NASDAQ:PTON - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.06). The business had revenue of $624.00 million for the quarter, compared to analysts' expectations of $620.39 million. The firm's revenue for the quarter was down 13.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.45) earnings per share. As a group, equities research analysts forecast that Peloton Interactive, Inc. will post -0.36 EPS for the current year.

Insider Activity at Peloton Interactive

In related news, insider Nick V. Caldwell sold 63,925 shares of Peloton Interactive stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $6.99, for a total transaction of $446,835.75. Following the sale, the insider directly owned 578,668 shares of the company's stock, valued at approximately $4,044,889.32. The trade was a 9.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jennifer Cunningham Cotter sold 145,622 shares of Peloton Interactive stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $6.25, for a total transaction of $910,137.50. Following the sale, the insider owned 235,439 shares in the company, valued at approximately $1,471,493.75. This represents a 38.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 576,585 shares of company stock worth $3,688,758 in the last ninety days. Insiders own 1.34% of the company's stock.

Analysts Set New Price Targets

PTON has been the subject of several recent analyst reports. JMP Securities reaffirmed a "market perform" rating on shares of Peloton Interactive in a research note on Monday, April 14th. Telsey Advisory Group lowered their target price on shares of Peloton Interactive from $9.00 to $8.00 and set a "market perform" rating for the company in a research note on Friday, May 9th. Deutsche Bank Aktiengesellschaft raised shares of Peloton Interactive from a "hold" rating to a "buy" rating and set a $6.60 target price for the company in a research note on Monday, April 14th. The Goldman Sachs Group reduced their price target on shares of Peloton Interactive from $10.00 to $7.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Macquarie upgraded shares of Peloton Interactive from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $9.00 to $10.00 in a report on Tuesday, May 13th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Peloton Interactive currently has an average rating of "Hold" and an average price target of $8.30.

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.