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Nov 29, 2019

Peloton climbs to record high in Black Friday fitness frenzy

Most Canadian consumers plan to do holiday shopping on Black Friday: Study

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Peloton Interactive Inc. gained almost 10 per cent, hitting a record of US$35.23 per share after KeyBanc said the company was seeing strong traffic on Black Friday.

Since Peloton’s initial public offering fell flat two months ago, investors have called for the company to reevaluate its expensive growth ambitions and focus on turning a profit. The company’s basic “connected fitness” subscription costs US$39 a month. Its bikes start at about US$2,000 and treadmills start at about US$4,000.

SunTrust said on Nov. 5 that an early reading into the company’s marketing promotion of its home trial and its US$58 per month bike plan this holiday season “bodes very well” for its second quarter results. Analyst Youssef Squali estimated at the time that Peloton will become profitabile sometime in 2022 before achieving full-year profitability the following fiscal year.

The company’s app shares exercise programming with users who don’t own its hardware but pay a monthly subscription fee for the classes, which include yoga, meditation and strength training.

The stock is up about 21 per cent from its IPO price of US$29.