Jump to content

Peloton shares climb as co-founder abruptly resigns


Recommended Posts

Peloton has lost its co-founder and chairman as the business refocuses its operations.

Jeremy Naylor | Writer, London | Publication date: Tuesday 13 September 2022 


A turbulent few months

Peloton Interactive Inc co-founder and chairman, John Foley, abruptly resigned from the company late last night.

The connected fitness business has seen a lot of disturbance among its board recently. Two executives have also gone at the same time, this biggest shakeup since Barry McCarthy arrived as chief executive back in February.

It's been a turbulent few months in which Peloton announced it was cutting around 10% of its workforce, about 800 jobs, ending in-house production, replacing its finance chief and partnering with Amazon to sell bikes and gear independently of its own website.

Peloton technical analysis

You can see here on this chart it rose pre-COVID from when it was down at 17.86, 857% all the way up this record high at $171 a share.

It originally came to the market at $29, but since that high point, we've seen profit warnings, concerns about the sales outlook, changes in staff and a big reduction in staff numbers, taking us all the way down to just $8 a share.

Now since then it has risen, it's currently trading at 1094, but Foley had already stepped down as chief executive in February, telling investors that he'd made missteps by growing the business too rapidly during the first year of COVID, where we saw this really big rise in its shares.

Since then, the company has hit $50 billion of market value, more than quadrupling its initial public market valuation in the late 2019's. However, this story has become one of failure and as a result of that we've now got a company which is trying to regroup itself.

It is up half of 1% today after gaining a small amount of trade last night all-sessions on IG's platform. We're awaiting the opening of the New York Stock Exchange in a short while.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    IPS Temp Admin
    Joined 06/10/22 15:40
  • Posts

    • Commodity Markets: Forex, Bonds, US Gold, Silver, Iron Ore,Copper Lithium,Nickel, Crude Oil, Natural Gas. Elliott Wave   Commodities Market Summary: The USD DXY USDJPY are heading higher into Wave iii) and iv) corrections so are the FX pairs and so are GDX and US Spot Gold. So, there are no larger trends, just corrections.   Trading Strategies: No strategies as markets are in small corrective patterns.   Video Chapters 00:00 US Gov Bonds 10 Yr Yields 00:44 US Dollar Index DXY USDJPY, EURUSD, AUDUSD 05:50 US Spot Gold / GDX ETF 08:41 US Spot Silver 11:20 US Copper / Lithium / Nickel / Iron Ore 19:01 Crude Oil 21:21 Natural Gas 27:11 End   Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817   Source: tradinglounge com Access Trial here... buy 1 month Get 3 months              
    • Hi @AndaIG, Please could the [LOUP] Innovator Deepwater Frontier Tech ETF be listed and made available for the ISA tax wrapper, pretty please? Many thanks, Sam
    • Look ahead to 31/5/23: China PMI; France GDP; Germany CPI Economic data is key on Wednesday. It starts in Japan with retail sales, followed by Chinese PMI.  Jeremy Naylor | Analyst, London | Publication date: Tuesday 30 May 2023  IGTV’s Jeremy Naylor looks at the chances that the Chinese yuan will weaken further as it becomes more and more obvious that the recovery in China is further away than initially expected. Then in the eurozone we’re looking at the CAC 40 and DAX as growth and inflation data is released. The only corporate on the schedule is from stationers, WH Smith.          
  • Create New...