Light Street Capital Portfolio: Top 5 Stocks

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

Light Street Capital’s Stake Value: $119.84 million
Percentage of Light Street Capital’s 13F Portfolio: 5.19%
Number of Hedge Fund Holders: 67

In Peloton Interactive, Inc. (NASDAQ:PTON), Glen Kacher’s fund owns 966,254 shares as of the end of June, up by 44% on the quarter. Peloton is a New York-based exercise equipment company that sells athleisure and various exercise-related accessories via their application and website.

At the end of the second quarter of 2021, 67 hedge funds held stakes in Peloton Interactive, Inc. (NASDAQ:PTON), worth $6.12 billion in aggregate. This represents a significant increase from 64 funds that held $3.96 billion worth of shares a quarter earlier. The increase is due to a number of funds boosting their positions in the company between April and June. For example, Brad Gerstner‘s Altimeter Capital Management, raised its investment by more than 500% to 5.20 million shares and Philippe Laffont‘s Coatue Management tripled its investment to 4.73 million shares.

Peloton Interactive, Inc. (NASDAQ:PTON) was one of the companies mentioned in the second-quarter investor letter of Carillon Tower Advisers,

Here is what the fund had to say:

“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.”