The New York company's shares at last check jumped 6.5% to $166.24.
Visits to the Peloton website in the fiscal second quarter that ended in December rose 167% from a year earlier, according to data reviewed by Bank of America Securities analyst Justin Post.
That increase slowed from 289% growth in the first quarter but was "well above competition," Post said, according to Bloomberg News.
Bank of America's Post said that the company's nearly $50 billion valuation still represents a risk, but the firm remains "constructive on the stock ahead of the full U.S. lower-priced tread launch, likely in March (potential catalyst)," Post said.
Last month, Peloton shares hit an all-time high above $158 a share after the company agreed to buy rival Precor for $420 million.
The deal for Precor, based in Woodinville, Wash., near Seattle, would increase Peloton's presence in commercial spaces like fitness centers, hotel gyms and universities. And it would expand its manufacturing base, which in turn could quicken deliveries of its signature bicycle to customers, a longstanding criticism of the company.
The deal is expected to close early this year and would be the biggest acquisition since the group was founded in 2012.