Peloton's stock fell into fresh record-low territory Monday, after UBS slashed its price target in half.
Investors rode shares of Peloton Interactive Inc. into fresh record-low territory Monday, after UBS slashed its price target in half because of increased concerns over the subscriptions outlook for the at-home fitness company.
“Our dataset shows that trend turned negative in July,” Kocharyan wrote in a note to clients. “Most recent data for August shows further weakness.” The stock PTON, -1.35% had bounced as much as 2.9% earlier Monday, before cycling lower to be down 1.8% toward a fresh record-low closing in afternoon trading.
That follows a 34.3% plummet in August, which was the stock’s worst month since it fell 51.9% in November 2021, and its second-worst month since going public in September 2019.Regarding the uptick in website visits in May and June, Kocharyan said she’s aware that “significant promotional activity” during the slower months and a coming new app launch could have temporarily boosted visits.
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