-
Striking Boeing workers reject 35% pay rise offer - 3 mins ago
-
Kamala Harris Sounds a ‘911’ on Trump Presidency During CNN Town Hall - 4 mins ago
-
JGB Yield Curve Flattens Slightly, Tracking U.S. Treasurys' Yield Curve - 5 mins ago
-
Crunch time for Tommy ‘Gun’ Collins - 6 mins ago
-
School social workers make ‘huge difference’ for pupils - 10 mins ago
-
Kamala Harris’ Chances of Winning Wisconsin, New Polls Show - 24 mins ago
-
The airline continuing to fly from Lebanon amid Israel’s airstrikes - 25 mins ago
-
Xiaomi 15 Series Launch Date Reportedly Set for October 29; Could Arrive Alongside HyperOS 2.0 - 26 mins ago
-
Southwest and Elliott near settlement which would end proxy fight, source says - 27 mins ago
-
Panathinaikos vs. Chelsea live stream, lineups : Where to watch Conference League online, prediction, odds - 29 mins ago
David Einhorn says Peloton is significantly undervalued
David Einhorn speaking at the 2024 Sohn Conference in New York City on April 3, 2024.
Adam Jeffery | CNBC
Shares of Peloton spiked more than 11% on Wednesday after Greenlight Capital’s David Einhorn said shares of the company are significantly undervalued, CNBC has learned.
Einhorn made the pitch at the Robin Hood Investors Conference. It was not immediately clear what Einhorn believed Peloton shares should trade at.
He made the case for the company as he was riding a Peloton bike, a person familiar with his remarks said.
Over the summer, Greenlight Capital, the hedge fund that Einhorn founded in 1996, disclosed it had a $6.8 million stake in the company as of June 30.
Peloton’s stock tends to be volatile and is up a little more than 1% so far this year, as of Tuesday’s close.
Einhorn’s comments come one day after the company announced it was partnering with Costco to sell its Bike+ in the retailer’s stores and online as it looks to reach younger, wealthier consumers with the discretionary income to buy pricey exercise equipment.
The company is currently being led by two board members after CEO Barry McCarthy stepped down earlier this year. It is in the process of finding a new CEO and expects to announce its next top executive this year.
When reporting earnings in August, Peloton indicated it was ready to focus more on profitability over growth after completing a massive refinancing that pushed out its debt maturities and bought it some time to affect a turnaround.
Peloton did not immediately respond to CNBC’s request for comment.
Source link