David Einhorn speaking at the 2024 Sohn Conference in New York City on April 3, 2024.Adam Jeffery | CNBCShares of Peloton spiked more than 11% on Wednesday after Greenlight Capital’s David Einhorn said shares of the company are significantly undervalued, CNBC has learned. Einhorn made the pitch at the Robin Hood Investors Conference. It was not immediately clear what Einhorn believed Peloton shares should trade at.He made the case for the company as he was riding a Peloton bike, a person familiar with his remarks said. Over the summer, Greenlight Capital, the hedge fund that Einhorn founded in 1996, disclosed it had a $6.8 million stake in the company as of June 30. Peloton’s stock tends to be volatile and is up a little more than 1% so far this year, as of Tuesday’s close. Einhorn’s comments come one day after the company announced it was partnering with Costco to sell its Bike+ in the retailer’s stores and online as it looks to reach younger, wealthier consumers with the discretionary income to buy pricey exercise equipment. The company is currently being led by two board members after CEO Barry McCarthy stepped down earlier this year. It is in the process of finding a new CEO and expects to announce its next top executive this year.When reporting earnings in August, Peloton indicated it was ready to focus more on profitability over growth after completing a massive refinancing that pushed out its debt maturities and bought it some time to affect a turnaround. Peloton did not immediately respond to CNBC’s request for comment. Don’t miss these insights from CNBC PRO
Shares of Peloton surge 11% after David Einhorn says stock is significantly undervalued
Related Posts
‘He Told Me Something Profound, Why India Should Make Its Own AI’: Nvidia CEO Praises PM Modi – News18
Last Updated:October 24, 2024, 16:52 ISTJensen Huang was in Mumbai attending the Nvidia AI Summit India at the Jio World Convention Centre and he held a fireside discussion with Reliance…
England win toss, elect to bat first in final Test against Pakistan
England captain Ben Stokes (second left) and Pakistan’s skipper Shan Masood pictured during the toss for the third Test against Pakistan at Rawalpindi Cricket Stadium on October 24, 2024. — Facebook@PakistanCricketBoard RAWALPINDI:…