Why Peloton Interactive Stock Is Up 9% So Far This Week
Shares of Peloton Interactive (NASDAQ: PTON) were up nearly 9% so far this week as of market close on Thursday. The workout equipment company's stock is now down 18% so far in 2021 following a sharp sell-off in high-growth stocks back in the spring. However, over the medium term, Peloton has still absolutely trounced the market with a 320% return since the start of 2020.
Image source: Peloton.
This week's move higher can be chalked up to a couple of big announcements from the company. First, Peloton revealed it's getting into the video game business. Its upcoming title, Lanebreak, will be available to owners of the Peloton Bike and Bike+, and will pair the excitement of the company's live workout classes with an interactive gaming experience. Games would seem to be a natural fit for Peloton as it tries to attract more users and keep its current subscriber base engaged.
Source Fool.com
