Peloton Interactive (PTON) - Get Report was riding higher Tuesday after the connected fitness company said it was teaming up with UnitedHealth Group (UNH) - Get Report to provide UnitedHealthcare members with access to Peloton classes at no additional cost.
Shares of New York-based Peloton were up 3.7% to $122.77, while UnitedHealth Group jumped 1.5% to $415.16.
Starting Sept. 1, the companies said, as part of their plan benefits fully insured UnitedHealthcare members can enroll with Peloton to obtain access fitness classes. New and existing Peloton members are eligible to enroll.
Nearly 4 million UnitedHealthcare commercial members will have an option to access Peloton's fitness class via the Peloton app.
Members enrolled in qualified fully insured employer-sponsored plans will be able to choose 12 months of Peloton's digital membership, or a four-month waiver for its all-access membership.
Members will be able to take thousands of live and on-demand fitness classes for strength, yoga, outdoor running, indoor cycling, walking and meditation.
"Expanding access to Peloton’s industry-leading health and wellness community builds upon our commitment to developing digital health resources and consumer-centric benefits to help people live healthier lives," Philip Kaufman, chief operating officer, UnitedHealthcare Employer & Individual, said in a statement.
The companies noted that the COVID-19 pandemic has promoted many people to turn to on-demand health and fitness routines.
Peloton also got a boost Monday following a report saying the company plans to put the video game Lanebreak into its app for cycle owners and subscribers.