Peloton Interactive Inc's stock price tumbled more than 50% in the last three months of 2021 but several prominent investment firms were so sure the at-home fitness company could regain its footing that they bought new or added to existing positions.
Durable Capital Partners, run by former T. Rowe Price investment executive Henry Ellenbogen, bought 5.4 million shares of the company known for its stationary bikes, treadmills and on demand classes, according to regulatory filings made on Monday.
Tiger Global Management, already a Peloton investor, bought another 3 million shares, increasing its investment by 41% and Baillie Gifford, Peloton's largest shareholder, added another 3.4 million shares, raising its stake by 12%, the filings show. Among the considerable sales, Altimeter Capital exited its Peloton position when it sold 5.6 million shares. Coatue Management sold 3.7 million shares, slicing its holding by 89%, the filings showed.
Since then Peloton shares have slid further. They closed at $32.83 on Monday. The company 's value has tumbled to $11.5 billion far from its peak of $50 billion.
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