After only being added just over one year ago, Peloton is being removed from the NASDAQ-100 Index.
The NASDAQ 100 Index is a stock market index that includes the 100 largest non-financial companies listed on the Nasdaq stock market. The Nasdaq updates its list every year, and Peloton (PTON) is being removed after being added to the list on December 21, 2020.
Taking Peloton’s place on the list is Old Dominion Freight Line, Inc. (ODFL), whose stock is up almost 60%. This change will be effective on January 24, 2022.
Peloton will also be removed from the NASDAQ-100 Equal Weighted Index and the NASDAQ-100 Ex-Technology Index. All of this news was shared in a press release from Nasdaq last night.
Peloton first went public on September 26, 2019. While stock prices soared during the unprecedented demand created by the COVID-19 pandemic – hitting a high of $166.5 – 2021 was a tough year for the company, with shares down more than 80% in the past year. Back in November Peloton held their Q1 2022 earnings call and lowered their full year forecast. This led to stock prices dropping 30% overnight and was followed by a company-wide hiring freeze. Stock prices are currently sitting around $30, which is barely higher than their initial public offering (IPO) of $29 per share.
Peloton is launching at least two new products in 2022 – the Peloton Guide and Peloton heart rate monitor.
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Luckily, the dumbbells are a great investment.