Peloton Interactive (NASDAQ:PTON) Stock Price Down 5.3% – Here’s What Happened

Peloton Interactive, Inc. (NASDAQ:PTON) shares dropped 5.3% during mid-day trading on Wednesday . The stock traded as low as $7.86 and last traded at $7.88. Approximately 3,261,356 shares were traded during trading, a decline of 67% from the average daily volume of 9,985,887 shares. The stock had previously closed at $8.32.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PTON shares. BMO Capital Markets boosted their price objective on Peloton Interactive from $6.50 to $8.50 and gave the company a “market perform” rating in a research report on Monday, November 4th. Macquarie upped their target price on Peloton Interactive from $4.90 to $9.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Sanford C. Bernstein increased their price target on shares of Peloton Interactive from $4.25 to $6.50 and gave the stock a “market perform” rating in a research note on Friday, November 1st. UBS Group raised Peloton Interactive from a “sell” rating to a “neutral” rating and upped their price target for the stock from $2.50 to $10.00 in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. boosted their target price on Peloton Interactive from $5.00 to $7.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Sixteen analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Peloton Interactive currently has an average rating of “Hold” and a consensus target price of $6.97.

Peloton Interactive Stock Up 1.8 %

The firm has a market capitalization of $3.14 billion, a PE ratio of -7.62 and a beta of 1.95. The stock’s fifty day simple moving average is $9.16 and its 200 day simple moving average is $6.46.

Peloton Interactive (NASDAQ:PTON) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). The business had revenue of $586.00 million during the quarter, compared to analyst estimates of $572.97 million. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm posted ($0.44) EPS. On average, analysts predict that Peloton Interactive, Inc. will post -0.39 EPS for the current year.

Insiders Place Their Bets

In other news, Director Karen Boone sold 17,259 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.63, for a total value of $148,945.17. Following the transaction, the director now directly owns 244,641 shares in the company, valued at $2,111,251.83. The trade was a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Elizabeth F. Coddington sold 186,462 shares of Peloton Interactive stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $7.58, for a total value of $1,413,381.96. Following the sale, the chief financial officer now directly owns 223,017 shares in the company, valued at $1,690,468.86. This trade represents a 45.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 395,813 shares of company stock worth $3,041,724. Company insiders own 1.34% of the company’s stock.

Institutional Trading of Peloton Interactive

A number of institutional investors and hedge funds have recently bought and sold shares of PTON. Gtcr LLC purchased a new position in shares of Peloton Interactive during the third quarter valued at about $65,520,000. Hennessy Advisors Inc. purchased a new position in Peloton Interactive during the 4th quarter valued at approximately $85,260,000. Assenagon Asset Management S.A. bought a new stake in Peloton Interactive in the 4th quarter worth approximately $39,992,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Peloton Interactive during the 3rd quarter worth approximately $8,363,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Peloton Interactive during the 3rd quarter valued at approximately $5,724,000. 77.01% of the stock is currently owned by institutional investors.

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.