Goldman Sachs downgrades Peloton to ‘neutral’

(Ticker Report) – Goldman Sachs Group downgraded shares of Peloton (NASDAQ:PTON) from a buy rating to a neutral rating in a research note released on Wednesday, The Fly reports. The analysts noted that the move was a valuation call.

Other analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Peloton from a buy rating to a hold rating in a research report on Friday, September 4th. Wedbush lifted their price objective on shares of Peloton from $66.00 to $100.00 and gave the stock an outperform rating in a research report on Wednesday, September 9th. Needham & Company LLC lifted their price objective on shares of Peloton from $65.00 to $110.00 and gave the stock a buy rating in a research report on Friday, September 11th. JMP Securities lifted their price objective on shares of Peloton from $59.00 to $109.00 and gave the stock an outperform rating in a research report on Friday, September 4th. Finally, Argus lifted their price objective on shares of Peloton from $55.00 to $100.00 and gave the stock a buy rating in a research report on Tuesday, September 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $110.96.

PTON opened at $124.30 on Wednesday. The company’s 50-day moving average is $101.98 and its 200 day moving average is $64.22. Peloton has a fifty-two week low of $17.70 and a fifty-two week high of $139.75. The firm has a market capitalization of $35.88 billion and a P/E ratio of -87.54.

Peloton (NASDAQ:PTON) last released its quarterly earnings results on Thursday, September 10th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.17. Peloton had a negative net margin of 3.93% and a negative return on equity of 4.54%. The company had revenue of $607.10 million for the quarter, compared to analyst estimates of $579.67 million. During the same period last year, the firm earned ($2.07) earnings per share. The firm’s revenue was up 171.9% on a year-over-year basis. As a group, analysts predict that Peloton will post 0.25 earnings per share for the current year.
In other Peloton news, President William Lynch sold 183,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 14th. The shares were sold at an average price of $131.46, for a total value of $24,122,910.00. Following the completion of the transaction, the president now owns 125,000 shares of the company’s stock, valued at approximately $16,432,500. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Howard C. Draft sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $131.65, for a total transaction of $2,633,000.00. Following the completion of the transaction, the director now directly owns 122,084 shares of the company’s stock, valued at approximately $16,072,358.60. The disclosure for this sale can be found here. In the last three months, insiders sold 979,996 shares of company stock valued at $89,807,415.

Institutional investors and hedge funds have recently made changes to their positions in the company. Quadrature Capital Ltd bought a new stake in shares of Peloton in the 2nd quarter worth approximately $1,161,000. Morgan Stanley lifted its stake in shares of Peloton by 76.7% in the 1st quarter. Morgan Stanley now owns 4,118,763 shares of the company’s stock worth $109,353,000 after purchasing an additional 1,787,516 shares during the period. DNB Asset Management AS bought a new stake in Peloton during the 3rd quarter worth approximately $2,802,000. California State Teachers Retirement System bought a new stake in Peloton during the 2nd quarter worth approximately $9,557,000. Finally, Chilton Investment Co. LLC bought a new stake in Peloton during the 2nd quarter worth approximately $283,000. Hedge funds and other institutional investors own 59.54% of the company’s stock.

About Peloton

Peloton Interactive, Inc provides interactive fitness products in North America. It offers connected fitness products, such as the Peloton Bike and the Peloton Tread, which include touchscreen that streams live and on-demand classes. The company also provides connected fitness subscriptions for multiple household users, and access to all live and on-demand classes, as well as Peloton Digital app for connected fitness subscribers to provide access to its classes.

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