The fitness giant is up 200% since the pandemic began.
Peloton is reducing the price of its flagship bicycle and adding two new products—it’s the first major expansion for the fitness giant, which has seen its stock surge nearly 200% since the beginning of the pandemic as demand for home fitness equipment skyrocketed.
... [+]Peloton currently sells a stationary bike and a treadmill, plus a $39 monthly subscription service for live and pre-recorded classes that reachedPeloton will reduce the price of its current stationary bike model to $1,895 and introduce a new $2,495 bike and a $2,495 treadmill ; Peloton’s current treadmill model, priced at $4,295, will still be available. The hope is that the new, cheaper price will make Peloton’s product more accessible and the upgraded bike, which will come with a handful of new features like a screen that pivots for off-bike workouts, will capture the high-end market. On Friday, JPMorgan raised its price target for Peloton from $59 to $109, citing strong continuing demand for home fitness products because of the pandemic. "Our goal is to be the go-to at-home fitness solution for as many people as possible,” Peloton CEO John Foley said in a statement, “and with these new product launches, we'll be able to offer access to Peloton's best-in-class fitness content at various price points, depending on what consumers are looking for, especially in a world where people are increasingly working out at home."Peloton reports quarterly earnings on Thursday. In the last quarter, the company reported $524.6 million in revenue, a 66% bump, and a net loss of $55.6 million.
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