Why Nautilus Stock Went Up on Wednesday

Shares of fitness company Nautilus (NYSE: NLS) were going up on Wednesday without a clear catalyst. But it's possible the stock is merely mirroring the movements of hot newcomer Peloton Interactive (NASDAQ: PTON). Investors who've watched Peloton's incredible 2020 run (up over 300% year to date) believe the same tailwinds apply to Nautilus, but at a much cheaper valuation.

Prominent research firm Citron Research wasn't the first to compare the valuations of Nautilus and Peloton. But it definitely brought attention to the issue when the report was issued on Sept. 9. Since then, the movements of the two stocks have been extremely similar, although Nautilus' gains have been higher. It happened again today -- Peloton stock was up 5%, while Nautilus stock was up 9%.