Peloton Interactive (NASDAQ:PTON) Shares Gap Down After Earnings Miss

Peloton Interactive, Inc. (NASDAQ:PTON) shares gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.98, but opened at $6.30. Peloton Interactive shares last traded at $6.09, with a volume of 10,380,525 shares trading hands.

The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.06). The company had revenue of $624.00 million for the quarter, compared to analyst estimates of $620.39 million. During the same quarter last year, the business earned ($0.45) earnings per share. Peloton Interactive’s revenue was down 13.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PTON. Citigroup dropped their price objective on Peloton Interactive from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. JPMorgan Chase & Co. dropped their target price on shares of Peloton Interactive from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Peloton Interactive in a report on Thursday, February 6th. Macquarie reiterated a “neutral” rating and set a $9.00 price objective on shares of Peloton Interactive in a research report on Monday, February 10th. Finally, Truist Financial upgraded shares of Peloton Interactive from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Monday, April 28th. Fourteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.48.

Insider Activity at Peloton Interactive

In other news, CFO Elizabeth F. Coddington sold 170,819 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $9.62, for a total transaction of $1,643,278.78. Following the transaction, the chief financial officer now owns 275,212 shares of the company’s stock, valued at $2,647,539.44. This represents a 38.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Saqib Baig sold 22,662 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $9.75, for a total value of $220,954.50. Following the completion of the sale, the chief accounting officer now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 674,338 shares of company stock worth $5,522,838 over the last quarter. Company insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On Peloton Interactive

A number of hedge funds have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new position in shares of Peloton Interactive in the fourth quarter valued at approximately $360,000. Rhumbline Advisers lifted its position in shares of Peloton Interactive by 7.8% during the 4th quarter. Rhumbline Advisers now owns 479,134 shares of the company’s stock valued at $4,168,000 after buying an additional 34,514 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Peloton Interactive by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,136,182 shares of the company’s stock worth $35,985,000 after purchasing an additional 139,826 shares during the period. Franklin Resources Inc. bought a new position in Peloton Interactive in the 3rd quarter worth approximately $505,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Peloton Interactive in the fourth quarter valued at $1,158,000. Institutional investors and hedge funds own 77.01% of the company’s stock.

Peloton Interactive Trading Down 6.7 %

The stock has a fifty day simple moving average of $6.22 and a two-hundred day simple moving average of $7.79. The firm has a market cap of $2.54 billion, a PE ratio of -8.45 and a beta of 2.25.

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.