Bank of America Issues Pessimistic Forecast for Peloton Interactive (NASDAQ:PTON) Stock Price

Peloton Interactive (NASDAQ:PTON) had its price target dropped by Bank of America from $11.50 to $9.50 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 69.04% from the company’s previous close.

PTON has been the subject of several other reports. Canaccord Genuity Group raised shares of Peloton Interactive from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a report on Friday, March 14th. The Goldman Sachs Group boosted their price objective on shares of Peloton Interactive from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. JMP Securities reiterated a “market perform” rating on shares of Peloton Interactive in a research note on Monday. Deutsche Bank Aktiengesellschaft upgraded Peloton Interactive from a “hold” rating to a “buy” rating and set a $6.60 price target for the company in a research note on Monday. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $11.00 price objective on shares of Peloton Interactive in a research report on Monday, February 3rd. Fifteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Peloton Interactive currently has an average rating of “Hold” and an average price target of $8.59.

Peloton Interactive Stock Down 1.9 %

Peloton Interactive stock opened at $5.62 on Tuesday. The stock’s 50 day moving average is $6.98 and its 200 day moving average is $7.63. The company has a market capitalization of $2.19 billion, a P/E ratio of -7.30 and a beta of 2.21. Peloton Interactive has a twelve month low of $2.70 and a twelve month high of $10.90.

Peloton Interactive (NASDAQ:PTON) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.04). As a group, equities analysts expect that Peloton Interactive will post -0.36 EPS for the current year.

Insider Transactions at Peloton Interactive

In other Peloton Interactive news, CAO Saqib Baig sold 22,662 shares of Peloton Interactive stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $9.75, for a total transaction of $220,954.50. Following the transaction, the chief accounting officer now owns 130,031 shares of the company’s stock, valued at $1,267,802.25. The trade was a 14.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer Cunningham Cotter sold 187,238 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $6.45, for a total transaction of $1,207,685.10. Following the completion of the sale, the insider now directly owns 100,269 shares of the company’s stock, valued at approximately $646,735.05. This trade represents a 65.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 674,338 shares of company stock worth $5,522,838 in the last three months. Corporate insiders own 1.34% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. National Bank of Canada FI lifted its position in shares of Peloton Interactive by 647.5% in the third quarter. National Bank of Canada FI now owns 28,749 shares of the company’s stock valued at $135,000 after acquiring an additional 24,903 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Peloton Interactive during the 3rd quarter valued at approximately $58,000. Franklin Resources Inc. purchased a new position in Peloton Interactive in the 3rd quarter worth approximately $505,000. Everence Capital Management Inc. bought a new position in Peloton Interactive in the 4th quarter worth approximately $125,000. Finally, Assenagon Asset Management S.A. bought a new position in Peloton Interactive in the 4th quarter worth approximately $39,992,000. 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.