Was I Wrong? This Hot Stock Has Already Doubled in 2023
I was notably bearish on shares of Peloton Interactive (NASDAQ: PTON) throughout 2022. The company's sales had collapsed, and it was burning through cash with a rapidly shrinking window to turn things around.
Current CEO Barry McCarthy joined Peloton in Feb. 2022 when the company was in crisis, and he embarked on a mission to right the ship. Now, one year later, Peloton's financial results for the fiscal 2023 second quarter (ended Dec. 31) show strong improvement across the board.
There's still a substantial amount of work to be done, and the company's survival isn't guaranteed in the long term. Nonetheless, investors have turned positive on Peloton stock, which has already doubled in 2023. Could this be the start of a sustained recovery?
Source Fool.com
