Why Peloton Stock Popped Today
Shares of Peloton (NASDAQ: PTON) have popped today, up by 8% as of 3 p.m. EDT, after the company reportedly set a new record number of people streaming a workout class. The COVID-19 crisis is driving interest in Peloton classes as consumers stay home but still want to exercise.
A record 23,000 people showed up to stream a live class earlier this week, according to Bloomberg. The fitness equipment maker also said it has over 2 million members, which is about as many as it had at the end of 2019. The public health crisis has shut down gyms, recreation centers, and other physical locations where consumers typically exercise, leading them to turn to alternatives that they can use at home -- like Peloton.
Image source: Peloton.
Source Fool.com
