Peloton Interactive, Inc. (NASDAQ:PTON) shares traded lower on Monday. The stock pulled back from recent strength reached after the company announced an exclusive partnership to bring its workout content to the TikTok community.
What To Know: Peloton stock slid lower into the new year as news of rising yields hit the consumer discretionary sector as well as the broader market. However, shares bounced back last Thursday on news of the partnership which aims to redefine the company’s public image and attract a more diverse customer base. The collaboration coincides with Peloton’s rebranding as a universal fitness company six months ago as the company grapples with declining sales and profits.
Shares reached a three-month high last Friday amid the excitement surrounding the partnership. However, on Monday, the stock pulled back from the strength by over 5%. The sell off was marked by heavy trading volume of 23.47 million shares compared to the stock’s average volume of 11.96 million shares.
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PTON Price Action: Shares of Peloton were down 1.93% at $6.59 at the close of the market, according to Benzinga Pro.
Image by Lewis Good from Pixabay
