Why Peloton Stock Was Sprinting Higher Tuesday
Shares of Peloton Interactive (NASDAQ: PTON) raced higher on Tuesday, surging as much as 14.7%. As of 1:16 p.m. EST, the stock was up 12%.
The catalyst that sent the fitness company running higher was a secondary stock sale that will fortify its flagging balance sheet.
Before the market open on Tuesday, Peloton announced a blockbuster equity offering. In a regulatory filing with the Securities and Exchange Commission, the company said it planned to sell $1 billion of its common stock.
Source Fool.com