Peloton Unveils New Products, Stock Spikes
Peloton (PTON) - Get Peloton Interactive, Inc. Class A Report brought good news for its investors Tuesday morning when it unveiled two new products.
The company, known for its at-home gym equipment, unveiled Bike+ and the Tread, both retailing for $2,495. In addition, it also slashed the price of its main exercise bike by 16%.
The announcement has had a positive impact on its share price, which surged more than 10%.
“... we feel like we’re just getting started in terms of how we can impact the health and well-being of people worldwide through our platform, content and products," said Peloton CEO John Foley. "To grow our Peloton family even bigger, we’re excited to announce we’re adding two new products to our lineup, along with some fun class types offering different ways to combine cardio and strength training."
The company says the Bike+ will hit the market on Sept. 9, and the Tread will hit the U.S. market in 2021.
Peloton has been having a great run in the stock market since it went public in September 2019. The 8-year-old company's stock price has spiked more than 200% in 2020.
The company is reporting its fiscal fourth quarter on Sept. 10 after the market closes.
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