Peloton shares remained under pressure Wednesday, one day after the home-fitness company caught criticism for a commercial that some viewed as sexist. Shares opened to a gain of as much as 5.4 percent, but rolled over as sellers piled on. The stock fell 9.1 percent on Tuesday.
The commercial, which depicts a young woman who's surprised with a Peloton bike for Christmas and documents her workouts over the course of the year, was viewed by many on social media as sexist because of how she looks at her husband for approval.
"Our holiday spot was created to celebrate that fitness and wellness journey," a Peloton spokesperson told FOX Business. "While we're disappointed in how some have misinterpreted this commercial, we are encouraged by--and grateful for--the outpouring of support we've received from those who understand what we were trying to communicate."
While the commercial could be viewed as a good excuse for Tuesday’s selloff, profit taking is more likely the reason for the slide. Shares had rallied 62 percent since Peloton’s earnings report on Nov. 5 said the company’s first-quarter loss narrowed to $49.8 million, a $4.8 million improvement from the prior year.
Shares were up 23.2 percent through Tuesday since debuting on the Nasdaq on Sept. 26.