Peloton Interactive shares fall amid overall weakness in stay-from-home names
July 27, 2022
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Peloton Interactive ($NASDAQ:PTON) shares fell nearly 10% Tuesday amid overall weakness in stay-from-home names, with the fitness company’s stock posting its third straight session of losses.PTON fell as much as 10.1% before partly recovering to end Tuesday’s session at $8.71, down 8.8% for the day.Peloton has been under pressure since the company announced dismal FQ3 earnings and issued disappointing guidance in May, highlighted weakening subscriber growth. Shares have fallen 32.5% since PTON’s close on May 10, when the company reported FQ3 results. The question now is whether this weakness is a blip or the start of a more prolonged decline. For now, the market seems to be betting on the latter, with shares down sharply over the past three days. This could be a problem for Peloton in the long run, as it will likely lead to lower earnings and potentially even market share losses.
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The stock was down 8.8% following the news.
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