Fred Alger Management LLC Makes New Investment in Peloton Interactive, Inc. (NASDAQ:PTON)

Fred Alger Management LLC acquired a new stake in Peloton Interactive, Inc. (NASDAQ:PTON - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 44,113 shares of the company's stock, valued at approximately $384,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PTON. Hennessy Advisors Inc. purchased a new position in shares of Peloton Interactive in the 4th quarter valued at approximately $85,260,000. T. Rowe Price Investment Management Inc. raised its position in shares of Peloton Interactive by 38.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 16,820,256 shares of the company's stock valued at $146,337,000 after purchasing an additional 4,635,667 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Peloton Interactive in the 4th quarter valued at approximately $39,992,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Peloton Interactive by 245.7% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,227,854 shares of the company's stock worth $36,782,000 after buying an additional 3,004,757 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Peloton Interactive by 59.5% during the 4th quarter. Renaissance Technologies LLC now owns 5,833,700 shares of the company's stock worth $50,753,000 after buying an additional 2,176,400 shares during the last quarter. 77.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PTON has been the subject of a number of recent research reports. Argus raised shares of Peloton Interactive from a "hold" rating to a "buy" rating and set a $15.00 price target for the company in a research report on Tuesday, February 11th. Citigroup dropped their price objective on shares of Peloton Interactive from $11.00 to $10.00 and set a "neutral" rating on the stock in a research note on Monday, February 10th. JPMorgan Chase & Co. dropped their price objective on shares of Peloton Interactive from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Truist Financial raised shares of Peloton Interactive from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a research note on Monday, April 28th. Finally, Bank of America dropped their price target on shares of Peloton Interactive from $11.50 to $9.50 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Thirteen analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $8.30.

Peloton Interactive Stock Performance

NASDAQ:PTON traded down $0.19 during trading hours on Wednesday, hitting $6.62. The company's stock had a trading volume of 13,176,095 shares, compared to its average volume of 15,560,797. The business's 50-day moving average is $6.20 and its two-hundred day moving average is $7.81. The company has a market capitalization of $2.58 billion, a PE ratio of -8.60 and a beta of 2.25. Peloton Interactive, Inc. has a 52-week low of $2.83 and a 52-week high of $10.90.

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

Insiders Place Their Bets

In other news, insider Nick V. Caldwell sold 68,727 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $6.59, for a total value of $452,910.93. Following the transaction, the insider now directly owns 474,234 shares in the company, valued at $3,125,202.06. This trade represents a 12.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew S. Rendich sold 121,883 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $9.54, for a total value of $1,162,763.82. Following the completion of the transaction, the insider now owns 404,188 shares in the company, valued at approximately $3,855,953.52. This trade represents a 23.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 674,338 shares of company stock valued at $5,522,838. Insiders own 1.34% 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.