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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Peloton Interactive, Inc.    PTON

PELOTON INTERACTIVE, INC.

(PTON)
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Peloton Interactive : tumbles over 6% after short seller warns of competition

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12/10/2019 | 02:29pm EDT
FILE PHOTO: A Peloton logo is seen after the ringing of the opening bell for the company's IPO at the Nasdaq Market site in New York City

Shares of Peloton Interactive tumbled over 6% on Tuesday after noted short seller Andrew Left valued the seller of stationary exercise bicycles at about one seventh of its recent stock price.

Left's Citron Research warned that the Peloton's bikes, priced at over $2,200, and its streaming exercise video service face competition from aggressive, cheaper rivals. It predicted Peloton's stock would fall to $5. The stock dropped $2.32 to $32.45 following the report.

Peloton did not immediately respond to a request for comment about the Citron Research report.

Peloton, which went public in September at $29 a share and is losing money, has filed lawsuits against Echelon Fitness LLC, alleging it infringed its patents and sold “cheap, copycat” products. New York-based Peloton has also filed a lawsuit against Flywheel Sports Inc, which sells its own stationary bikes with built-in tablets.

Left is one of Wall Street's most prominent short sellers, and his reports in the past have hurt shares of companies including Twitter, GoPro, Wayfair and ecommerce website Jumia Technologies.

"While Peloton has enjoyed a first mover advantage, the lack of differentiation of its bike has finally caught up to it as the competition is not only making virtually identical exercise bikes but ones that are both more affordable and functional," Citron Research said in its report.

But Oppenheimer analyst Jason Helfstein, who recommends investors buy Peloton's stock, raised his price target to $38 from $29 on Tuesday, saying the company is likely to grow faster than its rivals and pointing to strong website traffic and improving customer satisfaction.

On the company's quarterly earnings conference call on Nov. 5, Chief Executive CEO John Paul Foley, in response to an analyst's question about competition, said: "We have a seven-year head start. We created the category. I would say, at this point, we do not have what I call like-minded competition, which would be a very well-capitalized technology company. To our knowledge, that company doesn't exist yet, but it may at some point in the coming years."

About 20 analysts cover Peloton, on average rating it "buy."

Citron Research said its $5 target price is based on a comparison with other subscription-based companies' market capitalizations per subscriber.

With Tuesday's decline, Peloton is down 12% from a week ago, when faced criticism for a Christmas ad some labeled as "sexist," and before it cut subscription prices for its video streaming service.

The stock remains up 12% from its IPO in September.

By Noel Randewich

Stocks mentioned in the article
ChangeLast1st jan.
GOPRO, INC. -8.15% 2.48 Delayed Quote.-42.86%
PELOTON INTERACTIVE, INC. 0.89% 25.98 Delayed Quote.-8.52%
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Financials (USD)
Sales 2020 1 541 M
EBIT 2020 -226 M
Net income 2020 -229 M
Finance 2020 885 M
Yield 2020 -
P/E ratio 2020 -27,2x
P/E ratio 2021 -24,8x
EV / Sales2020 4,16x
EV / Sales2021 2,93x
Capitalization 7 292 M
Chart PELOTON INTERACTIVE, INC.
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Peloton Interactive, Inc. Technical Analysis Chart | PTON | US70614W1009 | MarketScreener
Technical analysis trends PELOTON INTERACTIVE, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 24
Average target price 37,26  $
Last Close Price 25,98  $
Spread / Highest target 73,2%
Spread / Average Target 43,4%
Spread / Lowest Target 0,08%
EPS Revisions
Managers
NameTitle
John Foley Chairman & Chief Executive Officer
William J. Lynch President & Director
Thomas Cortese Chief Operating Officer & Head-Product Development
Jill Woodworth Chief Financial Officer
Yony Feng Chief Technology & Investment Officer
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