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Peloton Takes Another Leg Lower after New Analyst Downgrade on December Concerns -Breaking

by Mike Robinson

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© Reuters

Daniel Shvartsman

After the recent analyst downgrade, Investing.com’s Peloton (NASDAQ) shares fell another leg in pre-market trades.

In the final morning session this year, shares in the manufacturer of exercise equipment were down by 2%. Andrew Boone, a JMP analyst, may have been the one who pulled the trigger. He downgraded the stock from Outperform to Market Perform on concern that the December quarter was not going as well.

Boone noted that year-over year web traffic declines per annum SimilarWeb (NYSE:), as an indication that Peloton has struggled to catch up to previous growth trends, despite the pandemic draw forward effect. Also, he wanted consensus estimates to rise before the stock could regain its confidence.

Peloton rose 7.6% yesterday amid a recovery day that saw many 2021 losers. But, this was still a significant improvement on its 52-week high. This company has lost 75% of its total revenue to date. It is the largest loser on the index. Management has had a difficult time forecasting the future business and has been plagued by controversies such as the return of Sex and the City and the holiday party hosted by CEO John Foley.

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