Peloton shares crash after production suspended
In a re-grouping of its corporate strategy, exercise bike manufacturer Peloton (PTON) has seen its shares crash through its IPO level and come close to a full retracement of the gains seen during the early period of Covid.
It was one of the best buys during a period when people were told to lockdown and, in some cases, not even go out to exercise. A Peloton exercise machine was seen as a ‘must have’ for that moment in time.
The company has explained that the enthusiastic take-up of its static bikes and treadmills has dissipated, and it is now re-grouping to find stable demand levels to which the business can work.
IGTV’s Jeremy Naylor looks at the share price chart and where it is in relation to the uptick seen in the early days of the pandemic and the subsequent slide.
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