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Peloton Slumps After Reportedly Halting Bike, Treadmill Production as Demand Wanes

Published 01/20/2022, 01:08 PM
Updated 01/20/2022, 01:11 PM
© Reuters

© Reuters

By Yasin Ebrahim

Investing.com – Peloton plunged below its initial public offering price Thursday as the company is reportedly planning to stop production of connected fitness products amid waning demand, CNBC reported, citing internal documents.

Peloton Interactive (NASDAQ:PTON) fell 20% to $24.02, well below its $29 a share IPO.

Peloton plans to halt production of its bike for two months, from February to March, CNBC reported, citing the documents. The stoppage comes just a month after the company suspended production of its Bike+ in December until June.

Manufacturing of the Tread treadmill machine will also be halted for six weeks, beginning in February, while production of the more expensive Tread+ machines won’t be resumed in fiscal 2022, according to the documents, the report said.

 

Latest comments

signals that the covid craze is over
25% and it slumped? Good thing it didn't crash.
Total economic collapse is coming
I would love to meet the kind of person that wasted that much money on one of these. They will be $42 at rummage sales this summer.
yeah you would think people would learn from other peoples mistakes and there own
hi
LMAO, more like retails hold momentum stock bags while Kathie sold off at the top.
Right, her ETFs are performing wonderfully... :|
she forgot to sell, lol. Deer in the headlights when I see her on TV. No idea, just traded on buzzwords
The big boys got out last year when it was over $100. They knew retail was going to be stuck holding the bag. This narrative gets repeated every market cycle. There really should be laws regarding this kind of stuff.
insider trading
it was is a fade.
when WFH tide fades, it most likely swims naked.
86% drop from peak to trough. Sign of the times.
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