Peloton's stock saw a significant increase of over 11% after David Einhorn, from Greenlight Capital, spoke at the 2024 SOHN Conference and stated that the stock is undervalued.
Although Einhorn did not provide a specific target price for the shares, his remarks generated interest among investors.
As of June 30, Greenlight Capital held a $6.8 million stake in Peloton.
The stock has experienced volatility this year, with a modest gain of just over 1% year-to-date.
The surge in the stock price coincided with Peloton's announcement of a partnership with Costco to sell its Bike+ in stores and online, targeting younger and affluent consumers.
Peloton is currently going through leadership changes following the resignation of CEO Barry McCarthy.
Two board members are temporarily leading the company, while a new CEO is being selected.
Peloton has also indicated a shift in strategy, prioritizing profitability over growth, after a significant refinancing that extended its debt maturities.