Clearline Capital LP Invests $7.53 Million in Peloton Interactive, Inc. (NASDAQ:PTON)

Clearline Capital LP purchased a new stake in Peloton Interactive, Inc. (NASDAQ:PTON) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,226,862 shares of the company’s stock, valued at approximately $7,527,000. Clearline Capital LP owned approximately 0.60% of Peloton Interactive at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. Susquehanna Fundamental Investments LLC bought a new stake in shares of Peloton Interactive during the 2nd quarter valued at $190,000. Select Equity Group L.P. bought a new stake in Peloton Interactive during the second quarter worth about $1,832,000. The Manufacturers Life Insurance Company grew its stake in Peloton Interactive by 253.7% during the second quarter. The Manufacturers Life Insurance Company now owns 181,589 shares of the company’s stock worth $614,000 after buying an additional 130,242 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in Peloton Interactive in the 2nd quarter valued at about $281,000. Finally, DME Capital Management LP acquired a new position in shares of Peloton Interactive in the 2nd quarter valued at approximately $22,947,000. 77.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Peloton Interactive in a research report on Thursday, August 22nd. TD Cowen boosted their price target on Peloton Interactive from $3.00 to $4.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Wolfe Research assumed coverage on Peloton Interactive in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. lowered shares of Peloton Interactive from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $7.00 to $5.00 in a report on Friday, August 23rd. Finally, Telsey Advisory Group increased their price objective on shares of Peloton Interactive from $4.00 to $5.00 and gave the company a “market perform” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, eighteen have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Peloton Interactive currently has an average rating of “Hold” and an average target price of $4.60.

Insider Transactions at Peloton Interactive

In other news, insider Nick V. Caldwell bought 31,337 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average cost of $4.25 per share, for a total transaction of $133,182.25. Following the acquisition, the insider now directly owns 31,337 shares in the company, valued at $133,182.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Peloton Interactive news, insider Nick V. Caldwell purchased 31,337 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average price of $4.25 per share, with a total value of $133,182.25. Following the transaction, the insider now owns 31,337 shares in the company, valued at $133,182.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Saqib Baig sold 50,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $4.88, for a total value of $244,000.00. Following the sale, the chief accounting officer now owns 87,014 shares of the company’s stock, valued at approximately $424,628.32. The disclosure for this sale can be found here. Insiders have sold 172,857 shares of company stock valued at $771,710 in the last 90 days. 3.28% of the stock is currently owned by corporate insiders.

Peloton Interactive Price Performance

Shares of PTON stock opened at $4.81 on Friday. Peloton Interactive, Inc. has a one year low of $2.70 and a one year high of $7.24. The business’s 50 day simple moving average is $4.03 and its 200 day simple moving average is $3.80. The stock has a market capitalization of $1.81 billion, a PE ratio of -2.28 and a beta of 2.04.

Peloton Interactive (NASDAQ:PTON) last issued its earnings results on Thursday, August 22nd. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.10. The business had revenue of $644.00 million during the quarter, compared to the consensus estimate of $633.00 million. During the same quarter in the previous year, the firm posted ($0.68) earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, research analysts expect that Peloton Interactive, Inc. will post -0.47 earnings per share for the current year.

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.