5 Biggest Tech Stock Drops in 2022

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

Number of Hedge Fund Holders: 39

Year to  Date Share Price Drop: 79%

Peloton Interactive, Inc. (NASDAQ:PTON) is a wellness company that provides an interactive fitness platform. This allows its users to exercise from home while engaging with friends and exercise groups over the Internet. The company is headquartered in New York, New York, United States.

Peloton Interactive, Inc. (NASDAQ:PTON) rode the coronavirus wave to touch record highs. During the pandemic, its shares appreciated by a whopping 726% as lockdowns forced consumers to use its products. However, since then, they have dropped below their pre-pandemic levels, and have lost a painful and devastating 79% of their value year to date.

By the end of this year’s second quarter, 39 out of the 895 hedge funds polled by Insider Monkey had held Peloton Interactive, Inc. (NASDAQ:PTON)’s shares.

Peloton Interactive, Inc. (NASDAQ:PTON)’s largest investor in our database is Anand Desai’s Darsana Capital Partners which owns 7.5 million shares that are worth $68 million.

Merion Road Capital mentioned the company in its Q3 2022 investor letter. Here is what the fund said:

“Peloton Interactive, Inc. (NASDAQ:PTON) is quite a different story. You may recall from my Q1 letter that I initiated a position in the stock given the potential for a new CEO to leverage the company’s passionate and engaged userbase. The investment had meaningful upside potential (multiples of the then trading price), but also presented real downside risk; as such, I kept our exposure to just a few percentage points of the portfolio. Fast forward six months and underlying trends like churn, engagement, and new users weakened dramatically. I sold our shares as the likelihood for the company to achieve financial success has become increasingly remote.”