Peloton shares are surging to record highs as the coronavirus lockdown powers bike sales.
With gyms around the country shuttered, the at-home bike company is reporting 2.6 million total member accounts and over 886,000 subscribers to its 'connected fitness' program.
Sales of Peloton’s stationary bicycle, as well as other fitness gear, rose to over $420 million.
According to CEO John Foley, the shelter-in-place and work from home realities “have created a meaningful tailwind for Peloton and a broader ongoing consumer shift towards that home fitness experiences.”
Peloton, often described as the “Netflix for fitness,” held its initial public offering in 2019.
At the time of writing, the stock hit a high of $45.31 on May 7.
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