Peloton Shares Rise After David Einhorn's Comments

Shares of exercise bike maker Peloton Interactive Inc (NASDAQ:PTON) rose sharply on Wednesday, following reports that Greenlight Capital head David Einhorn claimed the company's shares were significantly undervalued.

Peloton surged nearly 11% to $6.270, maintaining a mild positive trend in aftermarket trading.

CNBC reported that Einhorn praised the stock at the Robin Hood Investors Conference, though he did not set a target price. Notably, he was reportedly riding a Peloton bike while making his remarks.

In August, Greenlight revealed it had acquired 6.8 million shares in Peloton, a move that previously boosted the stock. However, it was reported that the stock had only risen about 1% so far in 2024.

This week, Peloton announced a partnership with Costco (NASDAQ:COST) to sell some of its models. The company also stated it is shifting focus from growth to profitability after completing a significant debt refinancing that advanced its debt obligations.