Peloton Interactive (NASDAQ:PTON) Stock Price Down 4.7% on Disappointing Earnings

Peloton Interactive, Inc. (NASDAQ:PTON)’s share price fell 4.7% during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $8.06 and last traded at $8.10. 13,762,928 shares were traded during trading, a decline of 14% from the average session volume of 16,079,771 shares. The stock had previously closed at $8.50.

The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The firm had revenue of $586.00 million during the quarter, compared to analyst estimates of $572.97 million. During the same quarter in the previous year, the business posted ($0.44) EPS. Peloton Interactive’s quarterly revenue was down 1.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PTON shares. Sanford C. Bernstein increased their target price on shares of Peloton Interactive from $4.25 to $6.50 and gave the company a “market perform” rating in a research report on Friday. Canaccord Genuity Group raised their target price on shares of Peloton Interactive from $4.00 to $5.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Wolfe Research assumed coverage on Peloton Interactive in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Peloton Interactive in a report on Friday. Finally, Macquarie boosted their price objective on Peloton Interactive from $4.90 to $9.00 and gave the stock a “neutral” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $5.98.

Insider Activity

In other Peloton Interactive 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 purchased at an average cost of $4.25 per share, with a total value of $133,182.25. Following the purchase, the insider now directly owns 31,337 shares in the company, valued at approximately $133,182.25. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Saqib Baig sold 50,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $4.88, for a total transaction of $244,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 87,014 shares of the company’s stock, valued at approximately $424,628.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nick V. Caldwell bought 31,337 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were acquired at an average cost of $4.25 per share, for a total transaction of $133,182.25. Following the transaction, the insider now directly owns 31,337 shares in the company, valued at approximately $133,182.25. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 167,880 shares of company stock valued at $815,767. 1.34% of the stock is currently owned by company insiders.

Institutional Trading of Peloton Interactive

Several institutional investors have recently modified their holdings of PTON. Vanguard Group Inc. raised its stake in Peloton Interactive by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 31,554,832 shares of the company’s stock worth $135,212,000 after acquiring an additional 1,215,397 shares in the last quarter. DNB Asset Management AS grew its holdings in shares of Peloton Interactive by 42.4% during the second quarter. DNB Asset Management AS now owns 12,130,553 shares of the company’s stock worth $40,880,000 after purchasing an additional 3,611,069 shares during the last quarter. DME Capital Management LP acquired a new stake in shares of Peloton Interactive during the second quarter worth about $22,947,000. Clearline Capital LP purchased a new stake in shares of Peloton Interactive in the 2nd quarter valued at about $7,527,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Peloton Interactive in the 1st quarter valued at about $5,877,000. Hedge funds and other institutional investors own 77.01% of the company’s stock.

Peloton Interactive Trading Down 14.7 %

The stock has a market cap of $2.73 billion, a PE ratio of -4.80 and a beta of 2.04. The business has a 50 day moving average of $5.11 and a 200-day moving average of $4.06.

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.