Why These 5 Stocks are Skyrocketing on Friday

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

Number of Hedge Fund Holders: 44

Shares of Peloton Interactive, Inc. (NASDAQ:PTON) jumped more than 12 percent in the mid-day trading session on Friday. The surge came after the company said it would reduce its workforce and raise the prices of its products.

Peloton Interactive, Inc. (NASDAQ:PTON) is shutting its distribution and logistics network in North America. It will also decrease its customer service staff. Moreover, the company plans to hand over the responsibilities to third-party affiliates.

In addition, Peloton Interactive, Inc. (NASDAQ:PTON) also intends to increase the price of its Bike+ model by $500 and its Tread by $800 in the U.S.

The latest measures are a part of its broader efforts to revive its sales and increase its cash flow. The demand for Peloton’s exercise equipment has dropped in recent months as people are returning to gyms instead of working out at home. The weak demand has also affected the company’s share price. Peloton stock has plummeted more than 60 percent so far in 2022.

You can also take a peek at 10 Dividend Stocks With Over 7% Yield and Jim Cramer Recommends These 10 Stocks For Recession.

Follow Insider Monkey on Twitter