Investing.com -- Peloton Interactive Inc (NASDAQ:PTON) shares are falling 8% on Thursday as investors take profits after a run-up in the connected fitness company.
Shares had surged 17% this week. They are up 11% so far this year.
The company known for its stationary bicycles and online fitness classes is trying to recast its image as a company for anyone, regardless of age, fitness level and income. This branch reintroduction is coming a year after a new CEO was sent in to transform it from an exercise equipment firm into one focused on subscriptions.
This includes new tiers through its app, including a free tier and tiers at $12.99 a month and $24 a month, depending on how the customer wants to use the services.
BMO Capital Markets recently upgraded the shares to Market-perform from Underperform with a $9.50 price target. The stock traded at $8.87 on Thursday afternoon.