Peloton Stock Drops As Gym Attendance Rises
The company that revolutionized at-home fitness with its state-of-the-art stationary bicycle is backpedaling now that many people are taking their workouts outside the home once again. Peloton stock dropped $15 per share, from $130 to $115, this week. The company’s investment firm Wedbush acknowledged a “substantial deceleration” in user engagement, according to an article from The Street. While Peloton surely picked up a number of new users during the past year who are likely to stay committed to their at-home workouts, the newly injected competition was unavoidable following easing restrictions on gyms. Read more.