Peloton Interactive (NASDAQ:PTON) Shares Gap Up – Here’s Why

Shares of Peloton Interactive, Inc. (NASDAQ:PTON) gapped up prior to trading on Friday . The stock had previously closed at $8.83, but opened at $9.06. Peloton Interactive shares last traded at $9.18, with a volume of 899,567 shares traded.

Wall Street Analyst Weigh In

PTON has been the subject of several recent analyst reports. Telsey Advisory Group boosted their target price on Peloton Interactive from $5.00 to $9.00 and gave the stock a “market perform” rating in a research report on Friday, November 1st. Bank of America raised Peloton Interactive from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $3.75 to $9.00 in a report on Monday, November 4th. Robert W. Baird raised their target price on shares of Peloton Interactive from $4.75 to $8.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. boosted their price target on shares of Peloton Interactive from $5.00 to $7.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, Morgan Stanley raised their price objective on shares of Peloton Interactive from $3.50 to $5.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Sixteen equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Peloton Interactive has a consensus rating of “Hold” and a consensus price target of $6.97.

Peloton Interactive Stock Performance

The company has a market cap of $3.51 billion, a P/E ratio of -8.59 and a beta of 1.90. The business has a 50 day moving average price of $8.80 and a two-hundred day moving average price of $5.75.

Peloton Interactive (NASDAQ:PTON) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The business had revenue of $586.00 million during the quarter, compared to analysts’ expectations of $572.97 million. During the same period in the prior year, the firm earned ($0.44) EPS. The business’s revenue was down 1.6% on a year-over-year basis. As a group, research analysts expect that Peloton Interactive, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In related news, Director Karen Boone sold 17,259 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $8.63, for a total value of $148,945.17. Following the completion of the sale, the director now owns 244,641 shares of the company’s stock, valued at $2,111,251.83. This trade represents a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew S. Rendich sold 138,391 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $7.51, for a total transaction of $1,039,316.41. Following the transaction, the insider now directly owns 287,973 shares in the company, valued at approximately $2,162,677.23. The trade was a 32.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 447,798 shares of company stock valued at $3,409,541 in the last quarter. Insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On Peloton Interactive

A number of large investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Peloton Interactive by 31.9% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,605 shares of the company’s stock worth $31,000 after acquiring an additional 1,597 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Peloton Interactive during the second quarter valued at approximately $27,000. Schneider Downs Wealth Management Advisors LP bought a new position in shares of Peloton Interactive during the second quarter valued at approximately $35,000. CIBC Asset Management Inc bought a new stake in shares of Peloton Interactive in the 2nd quarter worth approximately $35,000. Finally, Koss Olinger Consulting LLC bought a new stake in shares of Peloton Interactive in the 2nd quarter worth approximately $36,000. 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.