Corebridge Financial Inc. Reduces Stock Position in Peloton Interactive, Inc. (NASDAQ:PTON)

Corebridge Financial Inc. trimmed its stake in shares of Peloton Interactive, Inc. (NASDAQ:PTON) by 4.2% in the 4th quarter, Holdings Channel reports. The firm owned 175,109 shares of the company’s stock after selling 7,766 shares during the period. Corebridge Financial Inc.’s holdings in Peloton Interactive were worth $1,523,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Hennessy Advisors Inc. bought a new stake in Peloton Interactive in the 4th quarter worth approximately $85,260,000. Assenagon Asset Management S.A. bought a new stake in shares of Peloton Interactive in the fourth quarter worth $39,992,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Peloton Interactive by 245.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,227,854 shares of the company’s stock worth $36,782,000 after acquiring an additional 3,004,757 shares during the period. Vanguard Group Inc. increased its position in Peloton Interactive by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 35,059,790 shares of the company’s stock valued at $305,020,000 after acquiring an additional 1,645,640 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Peloton Interactive in the fourth quarter valued at about $5,277,000. 77.01% of the stock is owned by hedge funds and other institutional investors.

Peloton Interactive Stock Performance

Shares of NASDAQ PTON opened at $6.31 on Thursday. The firm’s fifty day moving average is $7.60 and its two-hundred day moving average is $7.62. Peloton Interactive, Inc. has a 52-week low of $2.70 and a 52-week high of $10.90. The company has a market cap of $2.46 billion, a P/E ratio of -8.19 and a beta of 1.95.

Peloton Interactive (NASDAQ:PTON) last posted its earnings results on Thursday, February 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.04). As a group, analysts forecast that Peloton Interactive, Inc. will post -0.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PTON shares. Argus upgraded Peloton Interactive from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Tuesday, February 11th. Canaccord Genuity Group raised shares of Peloton Interactive from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a report on Friday, March 14th. JMP Securities reiterated a “market perform” rating on shares of Peloton Interactive in a research report on Friday, February 7th. Telsey Advisory Group reissued a “market perform” rating and set a $11.00 price objective on shares of Peloton Interactive in a research report on Monday, February 3rd. Finally, Citigroup decreased their target price on Peloton Interactive from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Fifteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Peloton Interactive has an average rating of “Hold” and a consensus target price of $8.69.

Insider Activity

In other news, CAO Saqib Baig sold 22,662 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $9.75, for a total transaction of $220,954.50. Following the sale, the chief accounting officer now directly owns 130,031 shares in the company, valued at approximately $1,267,802.25. This represents a 14.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nick V. Caldwell sold 68,727 shares of Peloton Interactive stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $6.59, for a total value of $452,910.93. Following the completion of the transaction, the insider now owns 474,234 shares of the company’s stock, valued at approximately $3,125,202.06. This represents a 12.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 674,338 shares of company stock worth $5,522,838. 1.34% of the stock is currently owned by insiders.

About Peloton Interactive

Peloton Interactive, Inc operates interactive fitness platform in North America and internationally. The company offers connected fitness products with touchscreen that streams live and on-demand classes under the Peloton Bike, Peloton Bike+, Peloton Tread, Peloton Tread+, Peloton Guide, and Peloton Row names.