Peloton Interactive (NASDAQ:PTON) Stock Price Down 5.3% - Here's Why

Peloton Interactive, Inc. (NASDAQ:PTON - Get Free Report) shares dropped 5.3% during mid-day trading on Wednesday . The company traded as low as $7.86 and last traded at $7.88. Approximately 3,261,356 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 9,985,887 shares. The stock had previously closed at $8.32.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. UBS Group raised shares of Peloton Interactive from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $2.50 to $10.00 in a research note on Friday, December 6th. Needham & Company LLC restated a "hold" rating on shares of Peloton Interactive in a report on Friday, November 1st. Telsey Advisory Group restated a "market perform" rating and issued a $11.00 price target on shares of Peloton Interactive in a research note on Monday. BMO Capital Markets lifted their price target on shares of Peloton Interactive from $6.50 to $8.50 and gave the stock a "market perform" rating in a research note on Monday, November 4th. Finally, Robert W. Baird upped their price objective on Peloton Interactive from $4.75 to $8.00 and gave the stock a "neutral" rating in a research report on Friday, November 1st. Sixteen analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $7.10.

Peloton Interactive Stock Performance

The company has a market cap of $2.79 billion, a PE ratio of -6.83 and a beta of 1.95. The stock's 50-day simple moving average is $9.08 and its 200 day simple moving average is $6.55.

Insider Transactions at Peloton Interactive

In other Peloton Interactive news, CAO Saqib Baig sold 36,776 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $7.53, for a total transaction of $276,923.28. Following the sale, the chief accounting officer now owns 137,357 shares in the company, valued at approximately $1,034,298.21. This represents a 21.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew S. Rendich sold 138,391 shares of Peloton Interactive stock in a transaction dated 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 sale, the insider now owns 287,973 shares of the company's stock, valued at approximately $2,162,677.23. This represents a 32.46 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 395,813 shares of company stock valued at $3,041,724. Corporate insiders own 1.34% of the company's stock.

Hedge Funds Weigh In On Peloton Interactive

Institutional investors and hedge funds have recently modified their holdings of the company. Gtcr LLC purchased a new position in Peloton Interactive during the third quarter worth about $65,520,000. Hennessy Advisors Inc. purchased a new position in shares of Peloton Interactive in the 4th quarter valued at $85,260,000. Assenagon Asset Management S.A. acquired a new position in shares of Peloton Interactive during the fourth quarter worth about $39,992,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Peloton Interactive in the 3rd quarter worth approximately $8,363,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Peloton Interactive during the 3rd quarter valued at $5,724,000. Hedge funds and other institutional investors own 77.01% of the company's stock.

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.