Peloton's (PTON) stock soared the most in three months following a preview of its new rowing machine — rising 17% to $15.87, the highest one-day rise since February.
However, the stock is still down 90% from its all-time high of $167.42 on January 13, 2021, and down 56% year to date.
Peloton did not reveal the name of the machine or its release date but said that it is thrilled to add this total-body workout to its array of machinery. The new machine will join a variety of bikes, treadmills, and other fitness equipment… no excuses now.
Why it matters
Peloton had rapid growth in the early days of the pandemic but is now in a post-lockdown downturn. Under new CEO Barry McCarthy, who took over in February, the corporation is looking for new sources of growth as part of a turnaround plan.
