2023-06-09 11:18:54 ET
Peloton Interactive ( NASDAQ: PTON ) broke higher on Friday with positive data from research firm YipIt being attributed to as a catalyst. Reports suggest Peloton is seeing positive trends with subscriber additions and a stable churn rate.
Volume on Peloton ( PTON ) was above normal activity and options activity on the exercise equipment and services stock made it among the most active in the U.S. Short interest on PTON is down dramatically from where it once stood, but still represents 11.12% of total float.
Last month, Peloton ( PTON ) announced the start of the company's next chapter as it aims to rebrand itself as a broad fitness company and not just an in-home bike seller. For the first time, Peloton ( PTON ) is leaning in to the idea that not all consumers will bring premium hardware into their homes. "With this brand relaunch we're reflecting the vibrancy and fullness of everything Peloton has to offer to everyone. We're shifting perceptions from in-home to everywhere, fitness enthusiasts to people at all levels, exclusivity to inclusivity across all Peloton Members present and future," noted Peloton Chief Marketing Officer Leslie Berland.
Shares of Peloton Interactive ( PTON ) jumped 10.65% in morning trading to cross back over the $9.00 level. The stock still trades below the 50-day, 100-day, and 200-day moving average.
More on Peloton Interactive:
- Peloton: The Stock Is Getting More Intriguing
- Peloton Interactive earnings call transcript
- Peloton Interactive compared to sector peers
- Seeking Alpha's Quant Rating for Peloton Interactive
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Peloton Interactive rallies on strong volume, high options activity