M&T Bank Corp Decreases Holdings in Peloton Interactive, Inc. (NASDAQ:PTON)

M&T Bank Corp cut its stake in shares of Peloton Interactive, Inc. (NASDAQ:PTON) by 9.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,587 shares of the company’s stock after selling 2,548 shares during the period. M&T Bank Corp’s holdings in Peloton Interactive were worth $155,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PTON. Victory Capital Management Inc. increased its position in shares of Peloton Interactive by 3.8% during the fourth quarter. Victory Capital Management Inc. now owns 42,084 shares of the company’s stock worth $366,000 after acquiring an additional 1,534 shares during the period. Raymond James Financial Inc. purchased a new position in Peloton Interactive during the fourth quarter valued at approximately $1,158,000. Cibc World Markets Corp purchased a new position in Peloton Interactive during the fourth quarter valued at approximately $287,000. Xponance Inc. increased its holdings in Peloton Interactive by 14.8% during the fourth quarter. Xponance Inc. now owns 25,895 shares of the company’s stock valued at $225,000 after buying an additional 3,337 shares during the period. Finally, Harvest Fund Management Co. Ltd increased its holdings in Peloton Interactive by 107,776.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 26,969 shares of the company’s stock valued at $234,000 after buying an additional 26,944 shares during the period. 77.01% of the stock is currently owned by hedge funds and other institutional investors.

Peloton Interactive Stock Up 0.2%

PTON opened at $6.29 on Friday. Peloton Interactive, Inc. has a 52-week low of $2.83 and a 52-week high of $10.90. The company has a 50 day moving average of $6.76 and a two-hundred day moving average of $7.09. The company has a market cap of $2.45 billion, a P/E ratio of -14.30 and a beta of 2.11.

Peloton Interactive (NASDAQ:PTON) last posted its earnings results on Thursday, May 8th. The company reported ($0.12) 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 analyst estimates of $620.39 million. During the same quarter in the prior year, the firm posted ($0.45) earnings per share. The company’s quarterly revenue was down 13.1% on a year-over-year basis. Research analysts anticipate that Peloton Interactive, Inc. will post -0.36 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Macquarie upgraded shares of Peloton Interactive from a “neutral” rating to an “outperform” rating and raised their target price for the company from $9.00 to $10.00 in a research note on Tuesday, May 13th. Telsey Advisory Group lowered their price objective on shares of Peloton Interactive from $9.00 to $8.00 and set a “market perform” rating for the company in a research note on Friday, May 9th. JPMorgan Chase & Co. lowered their price objective on shares of Peloton Interactive from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Needham & Company LLC reiterated a “hold” rating on shares of Peloton Interactive in a research note on Friday, May 9th. Finally, The Goldman Sachs Group lowered their price objective on shares of Peloton Interactive from $10.00 to $7.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Twelve equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $8.30.

Insider Transactions at Peloton Interactive

In other news, insider Dion C. Sanders sold 122,036 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.25, for a total transaction of $762,725.00. Following the completion of the transaction, the insider owned 114,318 shares in the company, valued at approximately $714,487.50. This represents a 51.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Elizabeth F. Coddington sold 38,708 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $6.96, for a total transaction of $269,407.68. Following the transaction, the chief financial officer owned 294,342 shares of the company’s stock, valued at $2,048,620.32. This represents a 11.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 576,585 shares of company stock valued at $3,688,758 over the last ninety days. 1.34% of the stock is currently owned by corporate insiders.

Peloton Interactive 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.