Peloton Interactive Shares Plummeted on Q2 Pre-Announcement 
<p><a href='https://financialmodelingprep.com/financial-summary/PTON'>Peloton Interactive, Inc. (NASDAQ:PTON) </a>shares plummeted around 24% on Thursday, before recovering slightly today (up 7% at the time of writing) following the company’s pre-announced weaker Q2 net adds. Quarterly pre-announced net adds were 12% below the Street estimates, resulting in connected fitness subs 1% below estimates. </p>
<p>The announcement follows press reports of Peloton halting production of bikes/treadmills due to oversupply, which the company is denying.</p>
<p>Analysts at Oppenheimer adjusted their price target on the company’s shares to $40 from $85, lowering 2022/2023 connected fitness subs by 4%/8%, to +39%/+30% year-over-year, implying 920,000/975,000 net adds, compared to 1.2 million in 2021.</p>
<p>However, the analysts maintained their Outperform rating as they believe the company will sustain its leadership position in connected fitness over the long term. </p>

NASDAQ:PTON