Peloton Interactive’s shares have already lost more than three-quarters of their stock since they were listed on the Nasdaq in July 2007. Today it was decided to remove Peloton from Nasdaq 100. The Nasdaq said on January 24 that it would replace Peloton with Get-Peloton, which would result in more selling from investors who track the Nasdaq 100 and other major indexes. Peloton stock fell 2.4% on Friday to trade at its lowest level in almost two years.
Peloton Interactive, like other so-called stay-at-home stocks, has struggled to hold on to investor confidence as the demand for its products eased. In November, the company revealed that it would sell $1 billion worth of shares. It had already planned to raise capital. The stock decline came after the company reported weaker-than-expected third-quarter earnings on November 5. For the first quarter, it posted a loss of $376 million, which was wider than the year-ago loss of $262 million. The company also noted that its $400 price cut and rising costs would affect its profitability for the rest of the fiscal year.