- NASDAQ:PTON rises 6.16% on Tuesday even as the NASDAQ drops once again.
- Peloton announces new additions to its product lineup at affordable prices for the holiday season.
- S&P 500 Index: Resistance at 3425/35 to cap further strength – Credit Suisse
NASDAQ:PTON has been one of the hottest growth stocks during the past year and is one of the few companies who has benefited from the COVID-19 quarantine. The home fitness company is up 213% over the past year and looks to continue its torrid pace as Wall Street anticipates a monster quarterly earnings call. Analysts are estimating a near 164% increase in year-over-year revenues and the estimated $578 million forecasted by Wall Street should trounce the $510 million that Peloton has suggested.
Peloton has finally announced its long-awaited additions to its product lineup, starting with the new Peloton Bike+ which is believed to be at least $350 cheaper than the company’s flagship model. The second new piece of equipment the firm unveiled was a new treadmill set to debut in 2021 – also at a more reasonable price. These new additions add some flexibility to the company’s offerings, and CFRA research immediately raised its price target for the stock to $90 from $60, while maintaining a buy rating. Shares responded by rocketing up to $91.84 which is just shy of the stock’s all-time high of $92.50.
PTON stock news
It will be interesting to see how the stock reacts to PTON’s earnings call, especially with such widespread expectations that they will seriously beat its revenues estimate. One could argue that any upward movement may already be baked into the stock’s price and just as we saw with firms like Docusign (NASDAQ:DOCU) and Fastly (NASDAQ:FSLY) a good earnings call does not necessarily translate into the stock price going up. Peloton does have the first mover tag on interactive fitness equipment and should remain the market leader as people continue to shift to at-home workouts rather than heading out to gyms.
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