Peloton Pedals Higher After Live-Streamed Workout Smashes Record

More than 23,000 people pedal together on their Peloton bikes in a live-streamed workout session, breaking company records.
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Peloton Interactive  (PTON) - Get Report has restarted its live-streamed workout sessions with a bang.

Shares of Peloton raced higher as the stationary bike and exercise company reported a record-breaking live-streamed workout session.

Peloton's stock price jumped 6.32% to $31.78 a share on Friday after the home-exercise firm reported that 23,000 members had live-streamed a single class on Wednesday.

The number broke internal records at Peloton, while its worldwide membership has crossed the 2 million mark, the company said in a statement, according to Bloomberg.

The record-setting bike workout session was led by a Peloton instructor live-streaming from her home.

It marked the first live workout session Peloton has conducted since the New York-based company stopped streaming sessions from its studios earlier in the month after an employee tested positive for the coronavirus.

Peloton has since restarted live workout sessions for its bike and treadmill customers, with instructors having been equipped to live-stream from their homes.

Peloton is now live-streaming two or three classes a day during the morning, with plans to resume evening classes in the coming weeks.

BMO Capital Markets on Monday cut its rating on Peloton to underperform from market perform. While BMO analyst Simeon Siegal expects strong second-half sales, he argued in a research note the expected surge has already been baked into interactive exercise company's stock price, which is up more than 70% from recent lows.

By contrast, Roth Capital Partners recently launched coverage of Peloton with a buy rating and a $38 a share price target.

"The stock is compelling at current levels give the momentum of the brand and at-home fitness in general," wrote George Kelly, an analyst at Roth Capital.