Why Peloton Interactive Inc. (PTON) Skyrocketed Yesterday

We recently compiled a list of the 10 Hottest Stocks: What’s Fueling Their Rise. In this article, we are going to take a look at where Peloton Interactive Inc. (NASDAQ:PTON) stands against the other stocks that skyrocketed yesterday.

Ten companies—predominantly involved in the quantum computing sector—have taken the spotlight on Thursday, booking significant gains despite a lackluster performance from Wall Street’s main indices.

To come up with Thursday’s top gainers, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A group of people in a fitness class with connected fitness products in a studio or gym.

Peloton Interactive Inc. (NASDAQ:PTON)

Shares of Peloton Interactive registered a 9.72-percent increase on Thursday, finishing the day at $10.27 apiece from $9.36 on Tuesday. Year-to-date, the company’s stock price recorded an impressive 76-percent improvement.

According to analysts, investors took heart on the company’s solid quarterly results, having narrowed its net loss by 99.44 percent.

The fitness technology company known for its at-home exercise equipment and interactive online workout classes also earned higher price targets from analysts, with Telsey Advisory Group increasing its price target to $9 from $5 earlier.

Similarly, JP Morgan raised its target price for Peloton to $7 from $5 earlier, while Sanford C. Bernstein & Co. increased its price target for the firm to $6.5 from $4.25.

The Bank of America gave the most bullish target for the company, boosting its price to $9 from $3.75 earlier.

Disclosure: None. This article is originally published at Insider Monkey.