Peloton Interactive (NASDAQ:PTON) Shares Gap Up - Here's Why

Peloton Interactive, Inc. (NASDAQ:PTON - Get Free Report)'s share price gapped up before the market opened on Friday . The stock had previously closed at $9.06, but opened at $9.40. Peloton Interactive shares last traded at $9.43, with a volume of 4,511,642 shares.

Wall Street Analysts Forecast Growth

PTON has been the subject of several recent research reports. Robert W. Baird upped their price target on shares of Peloton Interactive from $4.75 to $8.00 and gave the stock a "neutral" rating in a research report on Friday, November 1st. Sanford C. Bernstein increased their target price on shares of Peloton Interactive from $4.25 to $6.50 and gave the company a "market perform" rating in a research report on Friday, November 1st. Morgan Stanley increased their target price 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. Bank of America upgraded shares of Peloton Interactive from an "underperform" rating to a "buy" rating and increased their target price for the company from $3.75 to $9.00 in a research report on Monday, November 4th. Finally, Telsey Advisory Group increased their target price on shares of Peloton Interactive from $5.00 to $9.00 and gave the company a "market perform" rating in a research report on Friday, November 1st. Fifteen investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $6.75.

Peloton Interactive Stock Performance

The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of -8.92 and a beta of 1.93. The business has a fifty day simple moving average of $6.21 and a 200 day simple moving average of $4.59.

Peloton Interactive (NASDAQ:PTON - Get Free Report) last posted 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. Peloton Interactive's revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.44) EPS. On average, sell-side analysts forecast that Peloton Interactive, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Andrew S. Rendich sold 138,391 shares of the firm's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $7.51, for a total value of $1,039,316.41. Following the transaction, the insider now owns 287,973 shares in the company, valued at approximately $2,162,677.23. This trade represents a 32.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Saqib Baig sold 36,776 shares of the firm's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $7.53, for a total value of $276,923.28. Following the completion of the transaction, the chief accounting officer now owns 137,357 shares in the company, valued at $1,034,298.21. The trade was a 21.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,517 shares of company stock worth $3,524,339 in the last 90 days. Company insiders own 1.34% of the company's stock.

Institutional Trading of Peloton Interactive

Several large investors have recently bought and sold shares of the business. XTX Topco Ltd boosted its stake in shares of Peloton Interactive by 445.2% during the third quarter. XTX Topco Ltd now owns 350,570 shares of the company's stock valued at $1,641,000 after purchasing an additional 286,268 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Peloton Interactive by 647.5% during the third quarter. National Bank of Canada FI now owns 28,749 shares of the company's stock valued at $135,000 after purchasing an additional 24,903 shares in the last quarter. Two Sigma Advisers LP boosted its stake in shares of Peloton Interactive by 2.9% during the third quarter. Two Sigma Advisers LP now owns 7,440,900 shares of the company's stock valued at $34,823,000 after purchasing an additional 206,500 shares in the last quarter. Soros Fund Management LLC acquired a new stake in shares of Peloton Interactive during the third quarter valued at about $998,000. Finally, Prentice Capital Management LP boosted its stake in shares of Peloton Interactive by 58.8% during the third quarter. Prentice Capital Management LP now owns 1,221,973 shares of the company's stock valued at $5,719,000 after purchasing an additional 452,604 shares in the last quarter. 77.01% of the stock is owned by institutional investors and hedge funds.

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.