Peloton Interactive (NASDAQ:PTON) Shares Up 8.1% - Here's Why

Shares of Peloton Interactive, Inc. (NASDAQ:PTON - Get Free Report) were up 8.1% during mid-day trading on Wednesday . The company traded as high as $6.98 and last traded at $7.20. Approximately 1,674,305 shares traded hands during trading, a decline of 89% from the average daily volume of 15,130,330 shares. The stock had previously closed at $6.66.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PTON shares. Needham & Company LLC restated a "hold" rating on shares of Peloton Interactive in a research report on Friday, May 9th. Argus raised shares of Peloton Interactive from a "hold" rating to a "buy" rating and set a $15.00 price target on the stock in a research note on Tuesday, February 11th. Telsey Advisory Group dropped their price target on shares of Peloton Interactive from $9.00 to $8.00 and set a "market perform" rating on the stock in a research note on Friday, May 9th. Morgan Stanley dropped their target price on shares of Peloton Interactive from $5.75 to $4.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 17th. Finally, JPMorgan Chase & Co. cut their target price on shares of Peloton Interactive from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Thirteen analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $8.30.

Peloton Interactive Trading Down 7.1%

The company has a market cap of $2.71 billion, a price-to-earnings ratio of -9.01 and a beta of 2.25. The stock's fifty day simple moving average is $6.33 and its 200 day simple moving average is $7.72.

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

Insider Activity at Peloton Interactive

In other Peloton Interactive news, CFO Elizabeth F. Coddington sold 38,151 shares of Peloton Interactive stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $6.83, for a total value of $260,571.33. Following the completion of the transaction, the chief financial officer now directly owns 258,880 shares of the company's stock, valued at $1,768,150.40. The trade was a 12.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Nick V. Caldwell sold 68,727 shares of Peloton Interactive stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $6.59, for a total transaction of $452,910.93. Following the completion of the transaction, the insider now owns 474,234 shares of the company's stock, valued at $3,125,202.06. This trade represents a 12.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 560,197 shares of company stock worth $3,554,152. Insiders own 1.34% of the company's stock.

Hedge Funds Weigh In On Peloton Interactive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. increased its position in shares of Peloton Interactive by 29.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 21,760,678 shares of the company's stock valued at $137,528,000 after purchasing an additional 4,940,422 shares during the last quarter. Nuveen LLC acquired a new stake in Peloton Interactive during the 1st quarter worth $23,239,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Peloton Interactive by 245.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,227,854 shares of the company's stock valued at $36,782,000 after purchasing an additional 3,004,757 shares during the last quarter. Voloridge Investment Management LLC lifted its stake in Peloton Interactive by 1,438.9% in the fourth quarter. Voloridge Investment Management LLC now owns 3,109,054 shares of the company's stock valued at $27,049,000 after buying an additional 2,907,023 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Peloton Interactive by 6.2% in the first 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 period. Hedge funds and other institutional investors own 77.01% of the company's stock.

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.