David Einhorn speaks at the 2024 Son Conference in New York City on April 3, 2024.
Adam Jeffrey | CNBC
shares of peloton The stock soared more than 11% on Wednesday after Greenlight Capital’s David Einhorn said the company’s stock was significantly undervalued, CNBC reported.
Einhorn spoke at the Robinhood Investor Conference. It wasn’t immediately clear how much Einhorn thinks Peloton stock should trade at.
He made the claim for the company while riding a Peloton bike, according to a person familiar with his remarks.
Over the summer, Greenlight Capital, the hedge fund Einhorn founded in 1996, disclosed that it held $6.8 million in stock as of June 30.
Peloton’s stock price has been volatile, up more than 1% since the beginning of the year as of Tuesday’s close.
Einhorn’s comments came a day after the company announced it was partnering with Costco to sell Bike Plus in retail stores and online, targeting young people with discretionary income who can afford expensive exercise equipment. They want to reach affluent consumers.
The company is currently led by two directors after CEO Barry McCarthy resigned earlier this year. The company is looking for a new CEO and plans to announce the next one later this year.
Peloton said in its August earnings report that it is ready to focus on profitability over growth after completing a major refinancing to push back debt maturities and buy time to impact its turnaround. showed.
Peloton did not immediately respond to CNBC’s request for comment.
