Peloton Pedals Its Way Up 10%+ After Mega-Investor David Einhorn Discloses Stake in Exercise-Bike Firm

PTON rose as much as 13.2% to a $3.26 intraday high after Greenlight Capital disclosed late Wednesday in a 13F filing that it had a 6.8 million stake in the name as of June 30.

With $2 billion under management, David Einhorn's Greenlight Capital reported a new stake in Peloton of 6.8 million shares. Assuming that Greenlight still owns the same position, that works out to about a $22.2 million investment.

Peloton became a Wall Street darling in 2021, peaking at $171.09 during the COVID-19 pandemic due to a combination of meme-stock mania and plenty of sales as people bought home-exercise equipment because public gyms had closed.

However, the stock has since come crashing back down to Earth. Even with Thursday's gains, PTON has lost some 98% from its January 2021 peak.