Peloton (PTON) closed the most recent trading day at $61.82, moving -0.79% from the previous trading session. This change lagged the S&P 500's daily loss of 0.62%. Meanwhile, the Dow lost 0.69%, and the Nasdaq, a tech-heavy index, lost 0.94%.
Coming into today, shares of the exercise bike and treadmill company had gained 7.32% in the past month. In that same time, the Consumer Discretionary sector gained 3.32%, while the S&P 500 gained 3.51%.
Investors will be hoping for strength from PTON as it approaches its next earnings release.
Investors might also notice recent changes to analyst estimates for PTON. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 22.07% higher within the past month. PTON is currently a Zacks Rank #2 (Buy).
The Leisure and Recreation Products industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 7, which puts it in the top 3% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow PTON in the coming trading sessions, be sure to utilize Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Peloton Interactive, Inc. (PTON) : Free Stock Analysis Report
To read this article on Zacks.com click here.