Peloton Interactive (NASDAQ:PTON) Sees Strong Trading Volume – Here’s What Happened

Shares of Peloton Interactive, Inc. (NASDAQ:PTON) saw an uptick in trading volume on Monday . 7,269,074 shares were traded during mid-day trading, a decline of 30% from the previous session’s volume of 10,369,432 shares.The stock last traded at $7.43 and had previously closed at $7.75.

Wall Street Analyst Weigh In

PTON has been the subject of a number of research reports. Bank of America raised 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. Morgan Stanley raised their price target on Peloton Interactive from $3.50 to $5.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. BMO Capital Markets upped their price objective on Peloton Interactive from $6.50 to $8.50 and gave the stock a “market perform” rating in a report on Monday, November 4th. Needham & Company LLC reiterated a “hold” rating on shares of Peloton Interactive in a research report on Friday, November 1st. Finally, Macquarie upped their price target on shares of Peloton Interactive from $4.90 to $9.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Sixteen research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.10.

Peloton Interactive Trading Down 4.3 %

The stock’s 50 day moving average is $9.12 and its 200-day moving average is $6.53. The company has a market cap of $2.83 billion, a P/E ratio of -6.92 and a beta of 1.95.

Peloton Interactive (NASDAQ:PTON) last issued its earnings results on Thursday, October 31st. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The firm had revenue of $586.00 million for the quarter, compared to analysts’ expectations of $572.97 million. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.44) EPS. As a group, sell-side analysts forecast that Peloton Interactive, Inc. will post -0.39 EPS for the current year.

Insider Activity at Peloton Interactive

In related news, CFO Elizabeth F. Coddington sold 186,462 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $7.58, for a total value of $1,413,381.96. Following the sale, the chief financial officer now owns 223,017 shares in the company, valued at approximately $1,690,468.86. This trade represents a 45.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Andrew S. Rendich sold 138,391 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $7.51, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 395,813 shares of company stock valued at $3,041,724. 1.34% of the stock is owned by corporate insiders.

Institutional Trading of Peloton Interactive

Hedge funds have recently bought and sold shares of the company. R Squared Ltd bought a new stake in shares of Peloton Interactive during the 4th quarter valued at about $28,000. Point72 Asia Singapore Pte. Ltd. grew its position in Peloton Interactive by 31.9% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,605 shares of the company’s stock valued at $31,000 after buying an additional 1,597 shares during the period. Verdence Capital Advisors LLC bought a new stake in shares of Peloton Interactive during the 3rd quarter valued at $52,000. Ballentine Partners LLC purchased a new stake in shares of Peloton Interactive in the 3rd quarter worth $55,000. Finally, Sanctuary Advisors LLC purchased a new position in Peloton Interactive during the third quarter valued at $58,000. 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.