Why Peloton Interactive Stock Popped 10% This Morning
Shares of exercise bike-maker Peloton Interactive (NASDAQ: PTON) popped nearly 10% in early trading Friday and is hanging on to the majority of those gains in midday trading. As of 1:45 p.m. EDT, Peloton stock remains up a good 8.9%.
Lacking any other news to explain the stock's move, it would appear that investors are reacting (positively) to an SEC filing just out today, which shows that hedge fund Tiger Global Management has taken a 4.15 million-share stake in Peloton Interactive.
As TheFly.com relates, Tiger Global paid $110.3 million to acquire the shares in the first quarter -- 4.15 million shares works out to just under a 1.5% stake in the company, and is worth more than $186 million at today's prices. In other words, in a matter of months, Tiger Global's investment has already charged 69% higher.
Source Fool.com
