On Friday, the Peloton Interactive (PTON) stock fell again after Old Dominion Freight Line (ODFL) gets ready to replace the company in Nasdaq 100. The stock had plunged around 4% in the pre-market trades.
With a market capitalization of $10.57 billion, the PTON stock trades at $32.06, down 0.09 points (-0.28%) as of 9:48 am EST.
Old Dominion Freight Lines will replace Peloton Interactives in other indices as well. These include Nasdaq 100 Equal Weighted Index and the Nasdaq 100 Ex-tech Index. The changes of the stocks in the index will be effective from January 24.
As Old Dominion’s business grows in logistics, it is timed perfectly with the fall of Peloton Interactive, the fitness equipment maker. The Pandemic blessed Peloton’s business as people shut indoors used machines for exercising.
With the Pandemic ending, the company struggled to retain its clients as lockdown withdrawals made people return to their outdoor exercising and gyms. The company has also worked with the recall of its equipment like the treadmill machine.
The stock trades at one-fifth of its fifty-two-week high of $166.5, while Old Dominion’s stock (ODFL) has doubled in a year, trading at about 15% higher in the last 52 week’s high. ODFL is up 3%.
The PTON stock’s trading volume decreased to around 3 billion from its average trading volume of 17,259,776 shares and continues sliding.
Earlier, Peloton Interactive Inc’s stock (PTON) had been downgraded by JMP securities. The company dropped the Peloton (PTON) stock from Market Outperform to Market Perform because of the gradual dip in the stock price. In November, JMP had given a buy rating to Peloton, which pulled some investors for the stock.
The PTON stock has fallen by around 9% in the last five days and has dipped by 19.26& in the previous month. During the last six months, the stock has shrunk by 72%.