1 Beaten-Down Stock I Won't Buy This November
Peloton Interactive (NASDAQ: PTON) was one of the hottest stocks during the worst of the pandemic. After hitting a March 2020 low of $19.72 per share, it had rocketed to nearly $163 by December of the same year. But that's where the run ended, and Peloton stock has now settled below $10.
Why? The issue is two-sided. People have a lesser need for Peloton's at-home exercise equipment now that COVID-19-related social restrictions are lifted, which has decimated the company's revenue. Plus, the company's expenses were heavily bloated as it planned for more growth that never came.
Falling revenue with rising costs led to one disastrous outcome: A company fighting for survival. While Peloton's results for the fiscal first quarter of 2023 (ended Sept. 30) showed some improvement, here's why I'm not a buyer this November.
Source Fool.com
