Peloton Interactive (NASDAQ:PTON) Shares Down 4.7% on Disappointing Earnings

Peloton Interactive, Inc. (NASDAQ:PTON - Get Free Report) dropped 4.7% during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $8.06 and last traded at $8.10. Approximately 13,762,928 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 16,079,771 shares. The stock had previously closed at $8.50.

The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). The firm had revenue of $586.00 million for the quarter, compared to the consensus estimate of $572.97 million. During the same period in the previous year, the business posted ($0.44) earnings per share. Peloton Interactive's revenue for the quarter was down 1.6% on a year-over-year basis.

Wall Street Analyst Weigh In

Several analysts recently commented on PTON shares. Truist Financial lifted their target price on shares of Peloton Interactive from $6.00 to $10.00 and gave the stock a "hold" rating in a report on Friday. Sanford C. Bernstein lifted their price objective 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. Canaccord Genuity Group lifted their price objective on shares of Peloton Interactive from $4.00 to $5.00 and gave the stock a "hold" rating in a research note on Friday, August 23rd. Robert W. Baird lifted their price objective on shares of Peloton Interactive from $4.75 to $8.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, Roth Mkm lifted their price objective on shares of Peloton Interactive from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $5.98.

Insider Activity at Peloton Interactive

In related news, CAO Saqib Baig sold 50,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $4.88, for a total value of $244,000.00. Following the completion of the transaction, the chief accounting officer now owns 87,014 shares of the company's stock, valued at $424,628.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Nick V. Caldwell acquired 31,337 shares of the firm's stock in a transaction dated Friday, August 23rd. The stock was bought at an average cost of $4.25 per share, for a total transaction of $133,182.25. Following the completion of the transaction, the insider now directly owns 31,337 shares in the company, valued at $133,182.25. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Saqib Baig sold 50,000 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $4.88, for a total transaction of $244,000.00. Following the sale, the chief accounting officer now owns 87,014 shares of the company's stock, valued at approximately $424,628.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 167,880 shares of company stock valued at $815,767 in the last quarter. Insiders own 1.34% of the company's stock.

Institutional Investors Weigh In On Peloton Interactive

Several large investors have recently modified their holdings of the company. State of Michigan Retirement System grew its holdings in Peloton Interactive by 412.1% in the first quarter. State of Michigan Retirement System now owns 596,477 shares of the company's stock worth $2,556,000 after purchasing an additional 480,000 shares during the period. First Trust Direct Indexing L.P. acquired a new stake in Peloton Interactive in the first quarter worth $94,000. Manchester Capital Management LLC grew its holdings in Peloton Interactive by 105.4% in the first quarter. Manchester Capital Management LLC now owns 235,000 shares of the company's stock worth $1,007,000 after purchasing an additional 120,600 shares during the period. Swiss National Bank grew its holdings in Peloton Interactive by 1.2% in the first quarter. Swiss National Bank now owns 642,200 shares of the company's stock worth $2,752,000 after purchasing an additional 7,600 shares during the period. Finally, Sfmg LLC acquired a new stake in Peloton Interactive in the first quarter worth $103,000. 77.01% of the stock is currently owned by institutional investors and hedge funds.

Peloton Interactive Stock Down 14.7 %

The stock has a market capitalization of $2.73 billion, a P/E ratio of -4.89 and a beta of 2.04. The business's 50 day simple moving average is $5.07 and its two-hundred day simple moving average is $4.03.

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.