5 Best Beaten Down Stocks To Buy Today

2. Peloton Interactive, Inc. (NASDAQ:PTON)

Number of Hedge Fund Holders: 67  

Percentage Loss in Share Price over Past Three Months: 54.44% 

Peloton Interactive, Inc. (NASDAQ:PTON) markets interactive fitness products. The firm recently provided guidance for the next fiscal year that fell short of expectations on Wall Street, prompting a downgrade at Argus and a price target decrease at Roth Capital. However, JMP Securities analyst Ronald Josey reiterated an Outperform rating on the stock with a price target of $85, noting the firm was taking advantage of corporate partnerships and would bounce back.

Peloton Interactive, Inc. (NASDAQ:PTON) has also been hit by increased competition from industry giants like Apple and Amazon that are stepping into the health market with blockbuster products. Peloton has lowered prices on key items to keep ahead of the competition. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Tiger Global Management LLC is a leading shareholder in Peloton Interactive, Inc. (NASDAQ:PTON) with 8.8 million shares worth more than $1 billion. 

In its Q2 2021 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and Peloton Interactive, Inc. (NASDAQ:PTON) was one of them. Here is what the fund said:

“Peloton Interactive operates a connected fitness platform offering live and on-demand classes allowing users to exercise at home. The firm’s shares were pressured in the quarter after Peloton announced a voluntary recall for both its legacy treadmill (Peloton Tread+) and its newly-launched base model treadmill (Peloton Tread). The issue surrounding the latter is somewhat troubling, as it appears it may be the result of an engineering flaw. This new treadmill offering was expected to be a key growth driver in the second half of 2021, and this development reduces our confidence in Peloton’s product pipeline. Therefore, we sold the stock.”