Peloton stock is set to open -26% after reporting a deeper than expected loss in its latest earnings report. The company also cut revenue guidance and CEO Barry McCarthy warned that they are “thinly capitalized.”
The stock has had a difficult year so far, with the price in January falling below its IPO price of $29 on news that production of Peloton exercise equipment would be stopped in order to deal with costs due to reduced demand. It has been mostly trading below this price for almost 2 months now, with just a brief attempt to stick above it.
The stock is now down 70% year-to-date. 🔽 Will the Peloton recover anytime soon?