Why Peloton Interactive Is Dropping Again Today
Shares of Peloton Interactive (NASDAQ: PTON) continue where they left off last week, dropping some 9.7% at 11:15 a.m. ET on Monday.
While there was no company-specific news to account for the sharp drop in price, sentiment surrounding the company has been consistently negative, and the markets overall have been trending lower, adding to the pressure. The Dow Jones Industrial Average is down over 100 points this morning, though that's a drop of less than half a percentage point.
Peloton stock is close to revisiting the all-time lows it hit last month as the outlook for consumer demand of high-end home fitness equipment dims on rising recession fears. A recent industry survey found very few people are likely in the market for equipment over the next 12 months, with just 9% saying they were very likely to buy but 35% responding they were very unlikely to do so.
Source Fool.com
