3 Stocks I'm Avoiding in 2024
Picking winners is important in investing, but avoiding losers is equally so. Connected-fitness company (NASDAQ: PTON), PC and printing giant HP Inc. (NYSE: HPQ), and online-car marketplace Carvana (NYSE: CVNA) are three stocks that I'll be staying far away from in 2024 and beyond. Here's why.
Connected-fitness company Peloton has made some positive changes since its turnaround efforts began under CEO Barry McCarthy. Most importantly, it has shifted its focus from its pricey fitness equipment to its app. There are now multiple subscription tiers that don't require Peloton hardware, significantly broadening the brand's appeal beyond those willing to buy expensive home-exercise equipment.
Unfortunately, Peloton's turnaround isn't showing much progress. Hardware sales are still sinking, down 12% year over year in the most recent quarter. More concerning is that subscription revenue rose by just 1%. The total number of members dropped 4% year over year, the number of paid-app subscriptions tumbled 13%, and the paid-app monthly churn was 6.3%. Peloton is losing subscribers faster than it's gaining new ones.
Source Fool.com
Peloton Interactive Inc. Stock
Our community is currently high on Peloton Interactive Inc. with 9 Buy predictions and 4 Sell predictions.
Based on the current price of 2.92 € the target price of 7 € shows a potential of 140.01% for Peloton Interactive Inc. which would more than double the current price.