Peloton Interactive (NASDAQ:PTON) Shares Down 8% Following Insider Selling

Shares of Peloton Interactive, Inc. (NASDAQ:PTON) fell 8% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $9.00 and last traded at $9.01. 7,309,920 shares were traded during trading, a decline of 51% from the average session volume of 14,859,367 shares. The stock had previously closed at $9.79.

Specifically, CFO Elizabeth F. Coddington sold 170,819 shares of the stock in a transaction dated 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 directly owns 275,212 shares of the company’s stock, valued at approximately $2,647,539.44. This represents a 38.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew S. Rendich sold 121,883 shares of the stock in a transaction dated 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 directly owns 404,188 shares in the company, valued at $3,855,953.52. This represents a 23.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CAO Saqib Baig sold 22,662 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $9.75, for a total value of $220,954.50. Following 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PTON. Robert W. Baird increased their price objective on Peloton Interactive from $4.75 to $8.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Argus upgraded Peloton Interactive from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Tuesday, February 11th. Sanford C. Bernstein upped their target price on Peloton Interactive from $4.25 to $6.50 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Citigroup lowered their target price on Peloton Interactive from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Finally, Truist Financial upped their target price on Peloton Interactive from $6.00 to $10.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Sixteen research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $8.38.

Peloton Interactive Stock Down 5.4 %

The company has a market cap of $3.34 billion, a PE ratio of -11.12 and a beta of 1.95. The business has a 50-day simple moving average of $8.85 and a 200-day simple moving average of $7.04.

Peloton Interactive (NASDAQ:PTON) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.04). On average, research analysts forecast that Peloton Interactive, Inc. will post -0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Peloton Interactive

Hedge funds have recently made changes to their positions in the company. R Squared Ltd acquired a new position in shares of Peloton Interactive during the fourth quarter valued at approximately $28,000. Russell Investments Group Ltd. raised its holdings in shares of Peloton Interactive by 969.6% during the fourth quarter. Russell Investments Group Ltd. now owns 4,011 shares of the company’s stock valued at $35,000 after acquiring an additional 3,636 shares during the last quarter. Comerica Bank raised its holdings in shares of Peloton Interactive by 29.1% during the fourth quarter. Comerica Bank now owns 6,164 shares of the company’s stock valued at $54,000 after acquiring an additional 1,389 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Peloton Interactive by 31.9% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,605 shares of the company’s stock valued at $31,000 after acquiring an additional 1,597 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Peloton Interactive during the fourth quarter valued at approximately $69,000. Institutional investors and hedge funds 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.