Why Peloton Dived by 4.2% on Thursday
Peloton Interactive (NASDAQ: PTON), the star fitness stock of 2020, continues to lose its shine this year. The stock fell by 4.2% today; the catalyst for the decline this time is the rising popularity of a potentially serious competitive threat.
Bloomberg reported Thursday that privately held Ergatta has garnered $30 million in fresh investment. This pushes the company's valuation to $200 million -- small compared to large-cap company Peloton, but considerable for a business that launched its product barely over one year ago.
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Source Fool.com
