5 Best Growth Stocks Under $30 to Buy Now

3. Peloton Interactive Inc. (NASDAQ:PTON)

Number of Hedge Fund Holders: 55

Peloton Interactive Inc. (NASDAQ:PTON) is one of the best growth stocks under $30 to buy now. On June 4, Peloton announced the acquisition of Skōp, an early innovator in connected Pilates technology, to accelerate its research and development efforts within the fitness category. By integrating Skōp’s specialized expertise and foundational technologies, Peloton aims to evolve its at-home Pilates experience, placing a strong focus on form, safety, and long-term user engagement to mirror the experiential innovation it previously brought to cardio.

This acquisition serves as a key pillar in the expansion of Peloton’s strength ecosystem, aligning with the company’s multi-year innovation agenda to lead the global connected fitness market. The move is backed by significant user data, including a 48% year-over-year increase in member engagement with Pilates in the third quarter alone. Furthermore, industry reports indicate that Pilates is the fastest-growing fitness modality in the US, with participation rates surging nearly 40% in recent years.

CEO Peter Stern emphasized that this purposeful investment will empower Peloton Interactive Inc. (NASDAQ:PTON) to deliver more effective and engaging wellness solutions. By combining its existing instructor talent with Skōp’s differentiated technology, Peloton is positioning itself to meet the rising consumer demand for Pilates, which has become the third most popular fitness search term in the US.

Peloton Interactive Inc. (NASDAQ:PTON) operates as a wellness and fitness products and services provider across North America and globally. It provides connected fitness products, including Peloton Tread, Peloton Bike, Peloton Tread+, Peloton Bike+, and Peloton Row.