Peloton stock has been on a free fall since February 2021 and the bearish trend just gathered momentum after the company announced that it is temporarily halting the production of its exercise bikes and treadmills. The company cited a reduction in demand as the reason for the temporary halt of production.
This comes after the company found itself in a precarious situation after its stock price took a sharp drop towards the end of last year after it featured in a less-than-flattering cameo on HBO’s “And Just Like That.â€
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Peloton however revealed plans to report its yearly second-quarter results in February after the market closes.
To help stock traders eying the Peloton stock, Invezz has created a brief article on the best places to buy it and what Peloton is.
To find out more, please continue reading.
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Peloton stock is the stock of Peloton Interactive Inc. and it trades on NASDAQ under the symbol NASDAQ: PTON.
Peloton Interactive, Inc. is an American company that deals with exercise equipment and it also has a media branch. It is based in New York City.
The company’s main products include internet-connected treadmills and stationary bicycles that require users to make monthly subscriptions to access online fitness classes.
If you are looking to invest in the stock dip, then the PTON stock is a good choice given that it has dropped considerably over the last month and the dip could be coming to an end.
It is difficult to predict the price Peloton stock price movement especially following its sustained price drop.
All eyes are now on the support above $19, which could act as a bounce-back level if the company will have resumed the production of its bikes and treadmills.
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