On May 23, Peloton Interactive (NASDAQ: PTON) announced a long-awaited rebranding, introducing new membership tiers and presenting itself as not just an in-home exercise bike business, but a holistic fitness company for everyone. Shareholders cheered the news, and the stock is up 20% since the information became public on May 23. 

The hope of this strategic shift is to propel Peloton's turnaround efforts and get the business back to achieving solid growth again. So, is it time to buy the stock? 

After looking at usage data, the management team, led by CEO Barry McCarthy, found out that more than half of all workouts performed on the platform had nothing to do with cycling. As a result, the business says it is going in a new direction, "to reflect everything Peloton has to offer to everyone, at any level, wherever they are." 

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Source Fool.com