|Bid||21.94 x 1300|
|Ask||21.95 x 1100|
|Day's Range||21.77 - 24.37|
|52 Week Range||21.14 - 27.98|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||27.00|
A host of Wall Street analysts initiated coverage of recent IPO Peloton Interactive on Monday with mostly buy ratings. But the news didn't help the fitness company as Peloton stock fell.
Jim Cramer weighs in on Halliburton's quarter, the analyst actions surrounding Peloton and Uber's lock-up expiration.
Jim Cramer weighs in on Halliburton's quarter, the analyst actions surrounding Peloton and Uber's lock-up expiration.
Analysts at a range of brokerage and financial services giants are urging investors to snap up shares of Peloton, including JPMorgan, SunTrust, Raymond James, Needham, Stifel, Oppenheimer, Evercore ISI, Canaccord, Barclays and UBS.
"During the period 1999-2000, more than 350 companies came public that rapidly disappeared but not before they could populate the universe with endless amounts of stocks, both primaries and secondaries that investors simply could not absorb," wrote Cramer. Peloton got analyst notes from MKM Partners, SunTrust, Raymond James, Needham, Stifel, Oppenheimer, Evercore ISI, Canaccord, Barclays and UBS Monday morning.
(Bloomberg) -- Wall Street’s tepid reception to highly-anticipated IPOs from Peloton Interactive Inc. and SmileDirectClub Inc. shows rising anxiety that a recession could be on the horizon, analysts say.The struggles for the home exercise company, the dental aligner maker, and ride-hailing peers Lyft Inc. and Uber Technologies Inc. may give a glimpse into how investors are valuing their services as well as what a global slowdown could mean for the consumer-dependent stocks.“The weakest link is retail. Companies that sell to –- or stocks that are bought by -– individual retail buyers will feel the effects soonest and most,” said Rett Wallace, CEO of Triton Research Inc.Weakness in these mega-IPOs has partially been driven by a rotation toward more defensive business models, MKM analyst Rohit Kulkarni said in a telephone interview. While Uber and Lyft could benefit from a spike in part-time drivers, demand for their services and Peloton’s subscription numbers may take a hit if consumers have less money to spend, he said.“Consumer companies such as Uber, Lyft and Peloton will probably feel a more near-term impact of any potential slowdown in the macroeconomic space,” Kulkarni said. Traders could shun their monthly subscriptions or pay-as-you-go models, if slowing revenue lengthens their path to profitability.The S&P 500’s brief climb above 3,000 for the first time in three weeks provided a lift for some of the beaten-down companies on Tuesday. Peloton had its best session, rising 9.2% off a record low, while SmileDirectClub bounced 6.3% to trade back above $10. But both stocks are still trading well below their offering prices.Both had also set the terms for their IPOs in September, shortly after the spread between 3- and 10-year Treasuries bottomed out in August, indicating a higher probability of a recession. According to data compiled by Bloomberg, the probability of a recession had then peaked at nearly 40%.SmileDirectClub’s more than 50% decline from its September offering has placed it among the year’s worst performers. An analyst who follows the company closely said in an email that he is impressed with its business model but acknowledged that “it certainly will have exposure to an economic downturn given the discretionary nature of orthodontics.”Some of the best-performing IPOs show the inverse. Application software companies have seen their stock prices surge as investors favored firms that face businesses instead of individuals. Zoom Video Communications Inc. and CrowdStrike Holdings Inc. are a few that come to mind when surveying the landscape of red-hot companies whose business models might be more sustainable.While Beyond Meat Inc. remains the year’s best performing IPO, with a more than 385% gain since going public in May, it has cooled off from its summer sizzle. The stock has lost almost half its value from a July 26 peak, shedding almost $7 billion in value.Now, the challenge for investors, according to Kulkarni, is valuing large, unprofitable companies at just the time when the global economy may be headed for a slowdown, and maybe even recession.To contact the reporters on this story: Bailey Lipschultz in New York at email@example.com;Drew Singer in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Jennifer Bissell-Linsk, Scott SchnipperFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Milan-listed Technogym is set to make its foray into streaming-online-fitness classes via digital platforms on its machines, putting the firm on a collision course with popular Peloton Interactive
(Bloomberg) -- Vir Biotechnology Inc. fell almost 30% in its trading debut, adding to a series of IPO disappointments in an industry that was seen as at least partly immune to the ills afflicting this year’s newly public tech giants.San Francisco-based Vir sold 7.14 million shares Thursday for $20 each -- the bottom of its marketed range -- to raise $143 million. The shares opened Friday at $16.15 and fell from there, closing at $14.02 to give the company a market value of about $1.5 billion.Vir’s backers include SoftBank Vision Fund, Bill & Melinda Gates Foundation and Singapore’s Temasek Holdings Pte.Listing stumbles by high-profile companies including We Co., the parent company of WeWork, have cast a pale over IPOs, which had thrived this year in the U.S. despite trade tensions with China and stock market volatility.Shares of the 146 companies that have gone public in the U.S. this year are now down 0.2% based on a weighted average, according to data compiled by Bloomberg. The losers include the $8.1 billion listing by Uber Technologies Inc., whose shares are down 33% since its May IPO.Peloton, PostmatesThe two $1 billion-plus listings in September, SmileDirectClub Inc. and Peloton Interactive Inc., are down 52% and 23%, respectively. Postmates Inc., which submitted a confidential filing in February, is one of the companies that could delay its listing to 2020, people familiar with the matter have said.Of six biotech and biomedical IPOs that were set for the past two weeks, only one has lived up to expectations. Aprea Therapeutics Inc. priced its shares in the middle of its marketed range and has climbed about 27% from the offer price.BioNTech SE, German cancer treatment firm, downsized its offering Wednesday to raise $150 million and is now down 7.2% from its offer price.Bottom RangeLast week, Viela Bio Inc. and Frequency Therapeutics Inc. both priced their share sales at the bottom of their target ranges. While Viela is up 1.1%, Frequency Therapeutics has fallen 7.2% since then.ADC Therapeutics SA withdrew its IPO application last week citing “adverse market conditions.”Vir, founded in 2016, develop treatments for infectious diseases. Its most advanced treatment is for hepatitis B is in phase 2 clinical trial and it has a flu treatment in phase 1 trial, according to its prospectus.The offering is being led by Goldman Sachs Group Inc., JPMorgan Chase & CO., Cowen Inc. and Barclays Plc. The shares are trading on Nasdaq Global Select Market Friday under the symbol VIR.(Updates with closing share price in second paragraph)To contact the reporters on this story: Crystal Tse in New York at firstname.lastname@example.org;Michael Hytha in San Francisco at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
MKM Partners looked at how many people want to spend $2,000 on a connected stationary bike that requires a $40-a-month subscription to be of any real value. The answer? Not that many.
(Bloomberg) -- Peloton Interactive Inc. shares are on track for their best day in the company’s two-weeks as a publicly traded entity after the fitness company earned its first “buy” equivalent rating.Shares were up close to 4% at 3 p.m. on Wednesday, on course for the biggest one-day gain since their Sept. 26 listing, after Baird analyst Jonathan Komp initiated the stock at outperform.“Peloton has created a disruptive platform that delivers world class instructor-led fitness content (Bike/Tread/digital) via its vertically integrated ‘box+subscription’ model that is differentiated from current gym/fitness offerings and product-only companies,” Komp wrote in a note. Key satisfaction/engagement measures are “very positive” and he believes the company has an addressable market of about 9 million higher-income fitness enthusiasts.Today’s rally follows a disappointing performance for the stock since its listing. Shares had dropped about 20% from their $29 debut price to the close on Oct. 8.Peloton’s long road to profitability has weighed on investor enthusiasm. In a note initiating the stock at neutral dated Sept. 27, DA Davidson analysts led by Michael Kawamoto said they “remain impressed with PTON’s robust growth metrics, but believe the path to profitability is a long one, as recent investments will take time to ramp.”Komp said GAAP profitability was likely five years away, also noting economic sensitivity and music litigation as potential risks. Longer term, however, he forecast "substantial" sales and profit upside.Komp and Kawamoto are the only two analysts covering the stock at this time, according to Bloomberg data.To contact the reporter on this story: Janet Freund in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Morwenna ConiamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Baird Equity Research started coverage of Peloton Interactive, Inc . (NASDAQ: PTON ) with a bullish rating, citing a large potential market and disruptive platform. The Analyst Baird’s Jonathan Komp ...
Shares of Peloton jumped more than 6% Wednesday following a bullish initiation from Baird analysts who don't see the company being profitable for another five years. The firm initiated coverage with an outperform rating and $28 price target, which represents a potential upside of 21% from the stock's closing price Tuesday of $23.21. The stock has dropped about 20% since its initial public offering two weeks ago.
Peloton Interactive Inc filed a lawsuit against Echelon Fitness LLC on Tuesday, alleging that it infringed the fitness startup's patents and sold "cheap, copycat" products. The company also alleged that Echelon had issued false advertisements to mislead customers about the price of products from both the companies and made "deceptive" comparisons between them. Echelon could not be immediately reached for comment.
Airbnb ought to take a look at Peloton, Uber, and Lyft— all of which went public with lingering legal issues— and avoid the same fate.
Endeavor Group Holdings became the latest company to scale back plans for an initial public offering on Thursday, when it reduced the size of the deal and slashed its price range.
(Bloomberg) -- Startup workers often worry that going public means the fun is about to end—quarterly financial reports, disciplined spending, cheaper coffee. At WeWork, not going public may have brought a worse fate.Just three days after withdrawing its registration for an initial public offering, WeWork informed staff of far-reaching job cuts to come by the end of the month, said people who attended the meeting. Three top executives delivered the news from a room at WeWork’s New York headquarters Thursday afternoon. Although the executives didn’t specify how many jobs were on the line, people familiar with the discussions have pegged the amount at about 2,000, representing some 16% of the global workforce. Deliberations are ongoing, and the number could change.Signs that the party is ending came in both subtle and more direct ways. Many staff meetings at WeWork, even somber ones, have an alcoholic beverage on hand. This one did not. An employee asked in the meeting whether the WeWork Global Summit, a celebrity-adorned event in Los Angeles that employees look forward to every year, would still take place in January. Executives said it would not.Other big-budget parties are probably also on the chopping block as expenses get reined in and corporate culture downshifts. WeWork has taken pride in the past in providing employees with outlandish corporate events, from lavish Halloween parties headlined by Wyclef Jean or summer camps in the English countryside featuring the singer Lorde.The cost-cutting at WeWork’s parent company, We Co., resembles what’s happening now at Uber Technologies Inc. The ride-hailing company said it was cutting more than 800 employees this summer. It also eliminated celebratory balloons for staff anniversaries. Each company counts SoftBank Group Corp. as its largest shareholder, and each is deeply unprofitable. The difference is that Uber actually made it to the stock market.WeWork employees are accustomed to routine firings, unlike at the typical startup in growth mode. The nine-year-old company periodically trimmed the ranks, WeWork has said, to get rid of under-performers. It dismissed hundreds of employees in 2016 and held a staff meeting to discuss the move that concluded with a performance from a member of the hip-hop group Run-DMC. WeWork fired about 300 more this spring. Each time, WeWork said it would accelerate hiring after the cull. No such pronouncements were made this week. The job cuts will mean that some employees won’t be able to live out the company’s mantra of “do what you love.”This round looks to be something different, the start of a new era for the company. WeWork is still private, but it’s not a startup anymore. Its spiritual leaders, Adam and Rebekah Neumann, left last week under pressure from investors. The third founder, Miguel McKelvey, stood Thursday alongside the new co-chief executive officers, Artie Minson and Sebastian Gunningham, where the topic of discussion was not the scourge of eating meat or elevating the world’s consciousness. It was about divestitures, efforts to “right-size” the business and more measured growth.The executives said they expect WeWork will continue to grow but at a slower pace, according to people who attended the meeting. The co-CEOs, after sending a message to customers Wednesday seeking to ease concerns about the business, told employees that clients and tenants were still interested in WeWork services. The executives urged staff to focus on the co-working business and its customers.In the presentation, made available to all 12,500 or so WeWork employees, Minson apologized for the recent weeks of uncertainty. Executives didn’t offer a solution for workers whose shares may be underwater based on recent valuation estimates from WeWork’s financial advisers. They spoke broadly about selling off parts of the business but didn’t give specifics. Privately, executives have explored a sale of several recent acquisitions, including Conductor, Managed by Q and Meetup, as well as a private jet and a large stake in the Wing, the female-focused co-working startup.WeWork and its ilk are finding that investors in public stocks aren’t buying what works best in the private markets: high-growth, high-expense, high-minded brands. Lyft Inc., Peloton Interactive Inc. and Uber are all trading below their IPO prices. And making a show of cost-cutting may not be the formula to sell a new stock to public investors, who are looking for a growth story. Since news of the first round of summer job cuts, Uber’s stock has fallen 32%.For now, WeWork just needs to convince private investors, SoftBank in particular. The Japanese conglomerate has dumped more than $10 billion into WeWork and isn’t eager to see its investment evaporate. It’s turning to an emissary, Marcelo Claure, to help fix the company. That will likely buy WeWork some time to form a strategy to sell the public on the new WeWork and hope it forgets about the old one, before making another run at an IPO next year.In the meantime, WeWork isn’t totally done having fun. There is an opening party for WeWork Japan in Kobe scheduled for next week and it’s planning a launch event for a new European headquarters, billed as the largest co-working space in the world, people with knowledge of the plans said this week. About 500 employees are invited, and there will be food and drinks in the building, which has a skate ramp, retro arcade games and bed-shaped couches with blankets. However, people with knowledge of the event said that compared with previous WeWork launch parties, it’ll be a toned-down affair.For more on WeWork, check out the Decrypted podcast: \--With assistance from Jack Sidders.To contact the reporters on this story: Ellen Huet in San Francisco at email@example.com;Gillian Tan in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Technogym is an old-school manufacturer that has embraced technology with streaming online fitness classes through platforms on its machines.
On Wednesday, Baird initiated coverage of Peloton with an outperform rating and $28 price target on the premise that Peloton has created a disruptive platform with premium content. Despite the bullish initiation, Baird does not think Peloton will be profitable for at least another 5 years. Myles Udland and Akiko Fujita discuss on The Final Round.
Oct.08 -- Mirror founder and Chief Executive Officer Brynn Putnam discusses the company's interactive fitness system and growth opportunities with Bloomberg's Taylor Riggs on "Bloomberg Technology."
Peloton has struggled following its public debut, with its stock falling below its IPO price. Stephen Gandel of CBS News joins Yahoo Finance's Dan Roberts, Brian Cheung, and Sibile Marcellus to discuss.