Peloton Stock Higher After Exiting Owned-Manufacturing

Year-over-year, PTON is still down more than 92%

Digital Content Manager
Jul 12, 2022 at 10:02 AM
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Peloton Interactive Inc (NASDAQ:PTON) is reversing its pre-market losses, last seen up 3.4% to trade at $9.22. The fitness concern announced it will exit all owned-manufacturing operations and expand a relationship with Taiwan-based Rexon Industrial, which will be the primary manufacturer of hardware for its bike and tread products. This is part of an effort to simplify the company's supply chain so that it can focus more on technology. 

While shares just hit a July 5, record low of $8.73, Peloton stock has been struggling since a brief late-March peak. The 30-day moving average has been guiding the security lower over the last three months, and coincides with a ceiling at the $11 region. Year-over-year, the equity is down 92.3%. 

Shorts are still firmly in control, despite short interest shedding 7.6% in the most recent reporting period. In fact, the 33.68 million shares sold short make up 11.2% of PTON's available float.

Now may be an opportune time to weigh in on the security's next move with options. This is per Peloton stock's Schaeffer's Volatility Scorecard (SVS), which ranks at an elevated 85 out of 100. In other words, the equity has exceeded option traders' volatility expectations in the last year.

 

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