Investor sets Peloton price target at $150 per share
Gregg Smith of Evolution VC Partners on Snap and Peloton stock.
Peloton is bulking up in the Lone Star State.
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The at-home fitness company that’s been inundated with orders for its stationary bikes — allow users to stream live workouts on-demand at home during the pandemic — announced Wednesday the addition of 103,750 square feet to its Peloton campus in Plano, Texas. The move will add up to 1,600 more jobs to the North Texas location.
"One of the main reasons we chose to open our Plano Campus in 2018 was the centralized location and deep pool of customer support and technology expertise in the region," Mariana Garavaglia, Peloton's chief business operations officer, said in a statement. "Peloton has grown tremendously in the last two years, and we're thrilled this larger footprint will allow us to bring key leadership and managerial roles, along with additional entry-level positions to the area."
The New York City-based company in September trimmed down the cost of its bike to 1,895, $350 cheaper than previously, with the monthly financing rate down $9 to $49 per month. It also introduced a more accessibly priced treadmill at $2,495, down from $4,295.
PELOTON CANCELING ORDERS AFTER MONTHS OF SHIPPING DELAYS
At-home fitness continues to be king for the wellness industry with big-box gyms and boutique brick-and-mortar fitness classes struggling to stay in business amid capacity limits and shutdowns earlier this year due to the pandemic. Peloton, meanwhile, has been sweating the demand.
Still, that doesn't mean the company has escaped any controversy during the pandemic.
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Peloton warned in November it was having trouble with its supply chain, Wall Street Journal reported. And critics have been taking to social media to complain about shipping delays, with some canceling their orders after getting fed up with waiting.
Peloton says it plans to hire employees “across a variety of teams” including corporate, enterprise technology, finance and field operations.
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