Peloton loses $ 9.141 million in market value

Peloton’s founder and CEO saw his wealth collapse on Friday, as the fitness platform’s shares fell 35.35% on the NASDAQ after its quarterly report fell short of analysts’ forecasts for sales. since he cut his guide for the rest of the year. In market value it lost $ 9.141 million in one day, to $ 16.72 billion.

The exercise equipment manufacturer’s shares fell a day after its report to the third quarter of the year highlighted that the trend of home fitness is struggling with the reduction of the Covid-19 restrictions and the reopening of the gyms.

The company reported a net loss of $ 376 million.

Peloton executives also cut their outlook for 2021 earnings by $ 1 billion, saying they expect full-year revenue of $ 4.4 billion to $ 4.8 billion compared to previous estimates of $ 5.4 billion.

Still, JPMorgan analysts are optimistic for the company’s traditionally strong Christmas season.

Analysts at the US investment bank maintained an “overweight” rating and a price target of $ 90 for the end of the year, an increase of 154.6% from its close on Friday.

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