Canaccord Genuity Group Downgrades Peloton Interactive (NASDAQ:PTON) to Hold

Posted by Defense World Staff on Nov 4th, 2023

Peloton Interactive (NASDAQ:PTON – Get Free Report) was downgraded by equities researchers at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research report issued on Thursday, MarketBeat reports. They currently have a $5.00 target price on the stock. Canaccord Genuity Group’s price objective suggests a potential downside of 4.03% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft lowered their price target on Peloton Interactive from $20.00 to $13.00 and set a “buy” rating for the company in a report on Monday, September 11th. Truist Financial decreased their price objective on shares of Peloton Interactive from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Friday, September 1st. Wedbush reiterated an “outperform” rating on shares of Peloton Interactive in a research report on Monday, September 25th. UBS Group reduced their target price on Peloton Interactive from $8.00 to $4.00 and set a “sell” rating for the company in a report on Monday, September 25th. Finally, Bank of America cut Peloton Interactive from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $6.50 to $4.15 in a research note on Thursday, October 19th. Four equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $9.89.

Get Our Latest Report on Peloton Interactive

Peloton Interactive Stock Down 4.1 %

NASDAQ PTON opened at $5.21 on Thursday. Peloton Interactive has a 52 week low of $4.28 and a 52 week high of $17.83. The firm has a 50 day moving average of $5.18 and a two-hundred day moving average of $7.12. The stock has a market capitalization of $1.86 billion, a PE ratio of -1.43 and a beta of 2.03.

Peloton Interactive (NASDAQ:PTON – Get Free Report) last issued its earnings results on Wednesday, August 23rd. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.28). Peloton Interactive had a negative return on equity of 686.29% and a negative net margin of 45.05%. The firm had revenue of $642.10 million for the quarter, compared to analyst estimates of $641.02 million. During the same quarter in the previous year, the firm posted ($1.32) EPS. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, equities research analysts expect that Peloton Interactive will post -1.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Peloton Interactive

In related news, CFO Elizabeth F. Coddington sold 10,215 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $5.12, for a total value of $52,300.80. Following the sale, the chief financial officer now owns 32,441 shares in the company, valued at approximately $166,097.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Peloton Interactive news, insider Thomas Cortese sold 14,135 shares of Peloton Interactive stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $6.98, for a total transaction of $98,662.30. Following the completion of the transaction, the insider now owns 14,251 shares in the company, valued at $99,471.98. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Elizabeth F. Coddington sold 10,215 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $5.12, for a total transaction of $52,300.80. Following the completion of the sale, the chief financial officer now directly owns 32,441 shares in the company, valued at approximately $166,097.92. The disclosure for this sale can be found here. 2.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PTON. Price T Rowe Associates Inc. MD increased its position in Peloton Interactive by 25.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 48,455,871 shares of the company’s stock worth $384,740,000 after buying an additional 9,691,287 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Peloton Interactive during the first quarter valued at $143,575,000. Two Sigma Advisers LP raised its stake in Peloton Interactive by 391.8% in the 1st quarter. Two Sigma Advisers LP now owns 6,435,900 shares of the company’s stock valued at $72,983,000 after purchasing an additional 5,127,300 shares during the last quarter. DnB Asset Management AS lifted its holdings in Peloton Interactive by 402.1% in the 3rd quarter. DnB Asset Management AS now owns 6,366,744 shares of the company’s stock valued at $32,152,000 after purchasing an additional 5,098,791 shares in the last quarter. Finally, Dragoneer Investment Group LLC boosted its stake in shares of Peloton Interactive by 51.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 14,344,188 shares of the company’s stock worth $110,307,000 after purchasing an additional 4,847,696 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Peloton Interactive Company Profile

(Get Free Report)

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.