The stock of Peloton Interactive, Inc. (NASDAQ:PTON) is now priced at $64.34 and the shares are -1.37 points down or -2.08% lower compared to its previous closing price of $65.71. The stock had 4.565 million contracts set over the past session. PTON shares’ daily volume is compared to its average trading volume at 7.784 million shares. However, it has a float of 206 million and although its performance was -5.8% over the week, it’s one to watch. Analysts have given the PTON stock a yearly average price target of $63.3 per share. It means the stock’s downside potential is -1.62% with the PTON share price recently placing at $64.08 to $67.75. However, some brokerage firms have priced the stock below the average, including one that has called $26.
The shorts are running away from the Peloton Interactive, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PTON shares have declined. Short interest in the stock represents just 3.92% of its float, but the volume has dropped by -270989. The volume of shorted shares dropped to 8.063 million from 8.334 million shares over the last two weeks. The average intraday trading volume has been 5.4 million shares, which means that days to cover moved to roughly 1.493085.
Looking at current readings, Peloton Interactive, Inc.’s two-week RSI is 51.01. This suggests that the stock is neutral at the moment and that PTON shares’ price movement remains stable. The stochastic readings are equally revealing at 28.77% meaning the PTON share price is currently in overbought territory.
The technical chart shows that the PTON stock will likely settle at between $66.7 and $69.06 per share. However, if the stock dips below $63.03, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $61.72.
Currently, the stock is trading in the red of MACD, with a reading of -2.5. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Telsey Advisory Group though raised target price of PTON stock from $53 to $82 but maintained Outperform recommendation in their July 31 review. KeyBanc Capital Markets analysts see the stock as a Overweight, but they also raised the share’s target price from $70 to $74 in a flash note released to investors on July 28. Wedbush analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices up on July 20, placing it at $66 from $63.
The average rating for the PTON equity is 1.77 and is currently gathering a bullish momentum. Of 26 analysts tracking Peloton Interactive, Inc. polled by Reuters, 1 rated PTON as a hold. The remaining 25 analysts were split evenly. However, the split wasn’t equal as a majority (24) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.