Peloton Interactive Stock Upgraded by Bank of America

On November 8th, 2024, Bank of America made a significant change to its rating for Peloton Interactive (NASDAQ:PTON), raising it from an underperform designation to a buy rating. Along with this upgrade, they set a new price target of $9.00 for the stock, a substantial increase from their previous target of $3.75.

Other analysts have also provided updates regarding Peloton's stock recently. Needham & Company LLC maintained a "hold" rating on the shares as of November 1st. Meanwhile, JPMorgan Chase & Co. increased their price target to $7.00, also rating the stock as "neutral." Similarly, BMO Capital Markets reiterated a "market perform" rating with a $6.50 price target, and TD Cowen raised their estimate from $3.00 to $4.00 while maintaining a "hold" rating. Furthermore, Macquarie adjusted their target price from $4.90 to $9.00, giving the stock a "neutral" rating. Overall, fifteen analysts categorize Peloton as a hold, while three recommend buying it. Data from MarketBeat indicates an average rating of "hold" with an average price target of $6.75.

Current Stock Performance of Peloton

The stock opened at $8.02 on the day of the upgrade. Looking at recent performance, Peloton's stock has a 50-day moving average of $5.29 and a 200-day average of $4.16. Over the past year, the stock's lowest point was $2.70, while its peak reached $8.92. Currently, the company's market capitalization stands at $3.02 billion, with a P/E ratio of -7.54 and a beta of 1.93.

Peloton (NASDAQ:PTON) recently disclosed its quarterly earnings on October 31st. The report showed an earnings per share (EPS) loss of ($0.16), which was slightly worse than the analysts' expected loss of ($0.15). However, revenue reached $586 million, surpassing expectations of $572.97 million. For reference, the previous year during the same quarter, the company reported an EPS loss of ($0.44) with a revenue decline of 1.6% year-over-year. Analysts predict an EPS of -0.43 for the current fiscal year.

Insider Activity at Peloton Interactive

In other developments, insider Nick V. Caldwell purchased 31,337 shares at an average price of $4.25 per share on August 23rd, totaling about $133,182.25. As a result, he now owns the same number of shares valued at that amount. On November 1st, CEO Karen Boone sold 13,484 shares at an average of $8.27, amounting to $111,512.68. After this sale, she holds 211,459 shares, valued at around $1.75 million, representing a minor decrease in her ownership. These transactions were reported to the Securities and Exchange Commission.

Institutional Shareholder Activity

Recent trading activity shows that hedge funds are actively trading Peloton shares. First Trust Direct Indexing L.P. entered a new position valued at approximately $94,000. Additionally, Manchester Capital Management LLC increased their holdings by 105.4%, now holding 235,000 shares worth $1.007 million. Swiss National Bank also grew its position, now owning 642,200 shares valued at approximately $2.75 million. Meanwhile, various investors, including Russell Investments Group Ltd., have increased their stakes in the company. Currently, institutional investors own about 77.01% of Peloton's stock.

About Peloton Interactive

Peloton Interactive, Inc. operates an interactive fitness platform that serves users in North America and beyond. They offer a range of connected fitness products, including the Peloton Bike, Peloton Bike+, Peloton Tread, Peloton Tread+, Peloton Guide, and Peloton Row, all featuring touchscreens that stream live and on-demand fitness classes.

Peloton, Stocks, Upgraded