Peloton Interactive (NASDAQ:PTON) Shares Down 5.5% After Earnings Miss

Peloton Interactive, Inc. (NASDAQ:PTON)’s share price was down 5.5% on Friday following a dissappointing earnings announcement. The stock traded as low as $6.17 and last traded at $6.15. Approximately 1,796,844 shares were traded during trading, a decline of 87% from the average daily volume of 14,200,330 shares. The stock had previously closed at $6.51.

The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.06). The firm had revenue of $624.00 million for the quarter, compared to analysts’ expectations of $620.39 million. The firm’s revenue was down 13.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.45) earnings per share.

Wall Street Analyst Weigh In

PTON has been the topic of several research reports. Needham & Company LLC reissued a “hold” rating on shares of Peloton Interactive in a research report on Friday. The Goldman Sachs Group dropped their price objective on shares of Peloton Interactive from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday. JPMorgan Chase & Co. reduced their target price on shares of Peloton Interactive from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Bank of America dropped their price target on shares of Peloton Interactive from $11.50 to $9.50 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Finally, Argus upgraded Peloton Interactive from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Tuesday, February 11th. Fourteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $8.30.

Insider Activity at Peloton Interactive

In related news, CAO Saqib Baig sold 22,662 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $9.75, for a total transaction of $220,954.50. Following the completion of the transaction, the chief accounting officer now directly owns 130,031 shares of the company’s stock, valued at approximately $1,267,802.25. This represents a 14.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Elizabeth F. Coddington sold 170,819 shares of Peloton Interactive stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $9.62, for a total value of $1,643,278.78. Following the completion of the sale, the chief financial officer now directly owns 275,212 shares in the company, valued at approximately $2,647,539.44. The trade was a 38.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 674,338 shares of company stock valued at $5,522,838. Corporate insiders own 1.34% of the company’s stock.

Institutional Trading of Peloton Interactive

A number of large investors have recently made changes to their positions in the business. Y Intercept Hong Kong Ltd bought a new stake in Peloton Interactive during the fourth quarter worth approximately $360,000. Rhumbline Advisers increased its position in shares of Peloton Interactive by 7.8% during the 4th quarter. Rhumbline Advisers now owns 479,134 shares of the company’s stock valued at $4,168,000 after purchasing an additional 34,514 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Peloton Interactive by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,136,182 shares of the company’s stock valued at $35,985,000 after buying an additional 139,826 shares during the period. Franklin Resources Inc. bought a new stake in Peloton Interactive in the third quarter worth $505,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Peloton Interactive in the fourth quarter valued at $1,158,000. 77.01% of the stock is currently owned by institutional investors.

Peloton Interactive Stock Performance

The company has a market capitalization of $2.40 billion, a P/E ratio of -8.00 and a beta of 2.25. The firm’s fifty day moving average is $6.20 and its 200 day moving average is $7.80.

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.