Macquarie Upgrades Peloton Interactive (NASDAQ:PTON) to “Outperform”

Peloton Interactive (NASDAQ:PTON) was upgraded by stock analysts at Macquarie from a “neutral” rating to an “outperform” rating in a research note issued on Tuesday, MarketBeat reports. The firm presently has a $10.00 price objective on the stock, up from their previous price objective of $9.00. Macquarie’s target price points to a potential upside of 51.06% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Argus raised Peloton Interactive from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Tuesday, February 11th. Canaccord Genuity Group upgraded Peloton Interactive from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research report on Friday, March 14th. JPMorgan Chase & Co. cut their target price on Peloton Interactive from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Telsey Advisory Group cut their target price on Peloton Interactive from $11.00 to $9.00 and set a “market perform” rating on the stock in a research report on Monday, May 5th. Finally, Truist Financial upgraded Peloton Interactive from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Monday, April 28th. Thirteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.30.

Peloton Interactive Trading Down 2.8%

Shares of PTON stock opened at $6.62 on Tuesday. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of -8.60 and a beta of 2.25. The stock has a 50-day moving average of $6.21 and a 200-day moving average of $7.80. Peloton Interactive has a 1-year low of $2.83 and a 1-year high of $10.90.

Peloton Interactive (NASDAQ:PTON) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.06). The firm had revenue of $624.00 million during the quarter, compared to the consensus estimate of $620.39 million. The company’s revenue for the quarter was down 13.1% on a year-over-year basis. During the same period last year, the firm posted ($0.45) earnings per share. Sell-side analysts forecast that Peloton Interactive will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Elizabeth F. Coddington sold 170,819 shares of the firm’s 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 transaction, the chief financial officer now owns 275,212 shares in the company, valued at $2,647,539.44. This trade represents a 38.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew S. Rendich sold 121,883 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $9.54, for a total value of $1,162,763.82. Following the completion of the transaction, the insider now owns 404,188 shares in the company, valued at $3,855,953.52. This represents a 23.17% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 674,338 shares of company stock worth $5,522,838. Corporate insiders own 1.34% of the company’s stock.

Institutional Inflows and Outflows

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