Top 5 Gainers on Wednesday

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

Number of Hedge Fund Holders: 39

Peloton Interactive, Inc. (NASDAQ:PTON) will start selling its exercise equipment and fitness accessories on Amazon in an effort to bolster its sales. The news sent Peloton shares up more than 13 percent this morning.

Previously, Peloton Interactive, Inc. (NASDAQ:PTON) was selling its products primarily through its own online platform and showrooms. The company believes adding digital channels, like Amazon, would increase brand awareness.

Separately, investment management firm Rowan Street Capital discussed Peloton Interactive, Inc. (NASDAQ:PTON) in its first-half 2022 investor letter, stating:

“Peloton Interactive, Inc. (NASDAQ:PTON) has been a costly mistake for the fund thus far. We started a small position back in September of 2020 and added to it as the stock declined and the price got “cheaper and cheaper.”

We would like to walk you through the rationale why we bought the stock in the first place and why we added to the position. We will give you just a short summary in the main body of the letter, and for those who are interested in a more detailed version, we have included a write-up on Peloton in the Appendix at the end of this letter.”