<ul><li><keyword id="11893278" type="UNKNOWN" weightage="60" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> has had a tough 2022 as its tech stock holdings have sold off considerably.</li><li>The hedge fund giant has reportedly lost $17 billion in client assets amid the broad tech rout.</li><li>These were some of the top changes Tiger Global made to its portfolio during the first quarter.</li></ul>Hedge fund giant <keyword id="11901144" type="UNKNOWN" weightage="60" keywordseo="tiger-global-management" source="Orion">Tiger Global Management</keyword> has taken it on the chin so far in 2022, with its main strategy down 44% in the first four months of the year, according to <a href="https://www.bloomberg.com/news/articles/2022-05-03/tiger-global-sinks-15-in-april-to-push-this-year-s-loss-to-44">a Bloomberg report.</a>Tiger Global's long-only fund experienced an even worse decline, falling 25% in April alone for a year-to-date loss of 52%, according to Bloomberg.The loss <a href="https://markets.businessinsider.com/news/stocks/tiger-global-hedge-fund-losses-tech-stocks-fed-inflation-rates-2022-5">has led to a $17 billion reduction</a> in assets under management, and the fund has now wiped out around two-thirds of the cumulative gains it had made for investments since it was founded in 2001.In an investor letter seen by Bloomberg earlier this month, Tiger Global told clients that "<keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> have not been cooperative given the macroeconomic backdrop, but we do not believe in excuses and so will not offer any." That macroeconomic backdrop includes rising inflation and higher interest rates, which has led to a year-to-date sell-off of as much as 30% for the Nasdaq 100.All-in, the disastrous performance means the hedge fund is on track for its worst year ever since it was founded in 2001. Prior to this year's decline, Tiger Global had a strong reputation of delivering consistent outperformance relative to the S&amp;P 500 while notching only two down years since its inception, according to Bloomberg.Amid the carnage, Tiger Global made sweeping changes to its portfolio in the first quarter, according to its 13F filed with the SEC on Monday. Tiger liquidated many of its tech stocks and reduced its concentration in some of its top holdings like JD.com and Microsoft. These were some of the top changes Tiger Global made in the first quarter of 2022, according to its 13F filing. The data is as of March 31, and doesn't reflect any potential changes Tiger may have made since then. 10. Sold Netflix<div type="image" title="The Netflix logo is displayed on a smartphone screen." height="2499" width="4999" msid="91623474" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/nflx-stock">NFLX</a> Prior Shares of Portfolio: 1.42% Current Share of Portfolio: 0%9. Sold Alibaba<div type="image" title="A view outside the headquarters campus of Alibaba Group in Hangzhou in east China's Zhejiang province Thursday, Dec. 24, 2020." height="1591" width="3183" msid="91623477" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/baba-stock">BABA</a> Prior Share of Portfolio: 1.09% Current Share of Portfolio: 0%8. Sold Adobe<div type="image" title="Adobe Creative Cloud" height="1998" width="3997" msid="91623479" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/adbe-stock">ADBE</a> Prior Share of Portfolio: 0.91% Current Share of Portfolio: 0%7. Trimmed Uber<div type="image" title="Uber" height="3389" width="6778" msid="91623482" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/uber-stock">UBER</a> Prior Share of Portfolio: 1.65% Current Share of Portfolio: 0.17%6. Trimmed Peloton<div type="image" title="The exterior of a Peloton store is seen on February 05, 2022 in Dusseldorf, Germany." height="3939" width="7878" msid="91623484" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/pton-stock">PTON</a> Prior Share of Portfolio: 0.80% Current Share of Portfolio: 0.12%5. Bought More Li Auto<div type="image" title="Li Auto One" height="1249" width="2500" msid="91623485" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/li-stock">LI</a> Prior Share of Portfolio: 0.52% Current Share of Portfolio: 1.92%4. Bought More XPeng<div type="image" title="The Xpeng P7 sedan." height="1183" width="2366" msid="91623487" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/xpev-stock">XPEV</a> Prior Share of Portfolio: 0.68% Current Share of Portfolio: 1.42%3. Bought More Monday.com<div type="image" title="Monday.com founders Eran Zinman and Roy Mann at Nasdaq for IPO" height="1993" width="3986" msid="91623489" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/mndy-stock">MNDY</a> Prior Share of Portfolio: 0.13% Current Share of Portfolio: 1.23%2. Bought More Toast<div type="image" title="Toast" height="600" width="1200" msid="91623490" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/tost-stock">TOST</a> Prior Share of Portfolio: 0.34% Current Share of Portfolio: 1.03%1. Bought More Block<div type="image" title="Block logos" height="960" width="1920" msid="91623562" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/sq-stock">SQ</a> Prior Share of Portfolio: 0.49% Current Share of Portfolio: 1.39%

Tiger Global shakes up portfolio after it loses $17 billion amid tech slump. These were some of its biggest changes in the first quarter.

<ul><li>Reddit's WallStreetBets forum entered the mainstream at the beginning of 2021 during the GameStop craze. </li><li>Driving stocks like GameStop and AMC, <keyword id="11948148" type="UNKNOWN" weightage="60" keywordseo="retail-investors" source="Orion">retail investors</keyword> congregating on the subreddit are a force in the <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword>.</li><li>These are the 10 most popular stocks WallStreetBets is talking about right now.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Following which stocks Reddit's WallStreetBets crowd is talking about paid off handsomely in 2021, as several have gone through epic rallies and seen heightened volatility. From <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> to <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment</a>, the more than 11 million-member forum has driven the conversation in so-called meme stocks that have exploded higher amid overwhelming demand from retail investors. The surge in stocks with shaky fundamentals has <a href="https://markets.businessinsider.com/news/stocks/gamestop-hedge-fund-losses-white-square-capital-closes-down-2021-6">led to several hedge fund blowups</a> that were caught on the opposite side of the trade betting against the company in question.GameStop's short-squeeze, driven in part by the WallStreetBets crowd, led to <a href="https://www.businessinsider.com/melvin-capital-lost-53-percent-january-after-gamestop-shares-skyrocketed-2021-1">a more than 50% drawdown in multibillion-dollar hedge fund Melvin Capital.</a> Meanwhile, the sharp rally in struggling movie theater chain AMC Entertainment <a href="https://markets.businessinsider.com/news/stocks/amc-short-seller-losses-stock-price-surge-8-day-rally-2021-6">caused billions of dollars in losses for short-sellers in May and June.</a>But since those short-squeezes caused destruction for some short sellers, shares of GameStop and AMC Entertainment <a href="https://markets.businessinsider.com/news/stocks/gamestop-amc-stock-price-plunge-meme-stock-technicals-death-cross-2021-12">have fallen by about 60% from their record highs</a> as investors begin to confront the fundamental backdrop behind the companies.As traders look to replicate the success of WallStreetBets stocks, one data aggregator is compiling the most mentioned stocks on Reddit's forum. These are the top 10 stocks Reddit's WallStreetBets forum is focused on right now, according to data compiled by <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">SwaggyStocks.</a> The list is based on mentions over the past 24 hours and financial data is sourced from <a href="https://www.koyfin.com/">Koyfin</a>. 10. Snap Inc.Ticker: <a href="https://markets.businessinsider.com/stocks/snap-stock">SNAP</a> WallStreetBets Mentions Over Past 24 Hours: 241 Market Capitalization: $38.4 billion One-Week Performance: 11.6% <div type="image" title="The Snapchat app icon on an iPhone." height="1500" width="3000" msid="89438269" hostid="261"></div>9. AppleTicker: <a href="https://markets.businessinsider.com/stocks/aapl-stock">AAPL</a> WallStreetBets Mentions Over Past 24 Hours: 269 Market Capitalization: $2.81 trillion One-Week Performance: 0.2% <div type="image" title="An Apple store." height="1997" width="3994" msid="89438270" hostid="261"></div>8. Digital World AcquisitionTicker: <a href="https://markets.businessinsider.com/stocks/dwac-stock">DWAC</a> WallStreetBets Mentions Over Past 24 Hours: 392 Market Capitalization: $3.1 billion One-Week Performance: -1.2% <div type="image" title="Donald Trump" height="1431" width="2863" msid="89438271" hostid="261"></div>7. NvidiaTicker: <a href="https://markets.businessinsider.com/stocks/nvda-stock">NVDA</a> WallStreetBets Mentions Over Past 24 Hours: 407 Market Capitalization: $608.7 billion One-Week Performance: 1.5% <div type="image" title="A sign is posted in front of the Nvidia headquarters on May 10, 2018 in Santa Clara, California." height="1500" width="3000" msid="89438272" hostid="261"></div>6. TeslaTicker: <a href="https://markets.businessinsider.com/stocks/tsla-stock">TSLA</a> WallStreetBets Mentions Over Past 24 Hours: 465 Market Capitalization: $911.2 billion One-Week Performance: -0.8% <div type="image" title="Tesla SuperCharger" height="3000" width="6000" msid="89438273" hostid="261"></div>5. PfizerTicker: <a href="https://markets.businessinsider.com/stocks/pfe-stock">PFE</a> WallStreetBets Mentions Over Past 24 Hours: 484 Market Capitalization: $300.8 billion One-Week Performance: -2.9% <div type="image" title="Pfizer logo" height="1990" width="3980" msid="89438274" hostid="261"></div>4. GameStopTicker: <a href="https://markets.businessinsider.com/stocks/gme-stock">GME</a> WallStreetBets Mentions Over Past 24 Hours: 494 Market Capitalization: $7.5 billion One-Week Performance: 2.2% <div type="image" title="A high-street GameStop store" height="1750" width="3500" msid="89438275" hostid="261"></div>3. CheggTicker: <a href="https://markets.businessinsider.com/stocks/chgg-stock">CHGG</a> WallStreetBets Mentions Over Past 24 Hours: 570 Market Capitalization: $3.7 billion One-Week Performance: 14.9% <div type="image" title="Chegg Study" height="981" width="1964" msid="89438276" hostid="261"></div>2. Meta PlatformsTicker: <a href="https://markets.businessinsider.com/stocks/fb-stock">FB</a> WallStreetBets Mentions Over Past 24 Hours: 1,910 Market Capitalization: $627.4 billion One-Week Performance: -30.7% <div type="image" title="Meta HQ" height="2659" width="5319" msid="89438278" hostid="261"></div>1. PelotonTicker: <a href="https://markets.businessinsider.com/stocks/pton-stock">PTON</a> WallStreetBets Mentions Over Past 24 Hours: 2,070 Market Capitalization: $9.6 billion One-Week Performance: 36.4% <div type="image" title="A man riding a Peloton bike in his living room." height="2184" width="4368" msid="89438353" hostid="261"></div>

Peloton and Meta Platforms top 10 most talked about stocks on Reddit's WallStreetBets forum

<ul><li>The convergence of stimulus checks and millions of new retail investors led to a boom in so-called <keyword id="11915972" type="UNKNOWN" weightage="60" keywordseo="meme-stocks" source="Orion">meme stocks</keyword> this year.</li><li>The movement was led by epic short squeezes in GameStop and AMC Entertainment as investors YOLO'd their stimulus checks.</li><li>These are 10 meme <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> that will be included in the upcoming Roundhill Meme Stock ETF.</li></ul>The <a href="https://www.businessinsider.com/short-sellers-rebound-after-reddit-gamestop-short-squeeze-2021-11">meme stock boom of 2021</a> that launched left-for-dead stocks like <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> and <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment</a> to record highs has inspired a new ETF that will invest in stocks based on social media activity and high short interest.The <a href="https://markets.businessinsider.com/news/stocks/meme-stocks-retail-trading-etf-roundhill-social-media-investors-reddit-2021-8">Roundhill Meme Stock ETF</a>, which tracks the Solactive Roundhill Meme Stock Index, will own a basket of 25 highly shorted stocks that have high social media activity and a market capitalization of at least a $1 billion.The ETF holdings are equally weighted, and the rules-based ETF is rebalanced twice per month.If approved, the Roundhill MEME ETF will trade on the New York Stock Exchange under the ticker "MEME." The ETF was filed with the SEC over the summer and has yet to be launched, but the underlying index of the ETF went live earlier this month.These are 10 of the 25 meme stocks that will be owned by the upcoming Roundhill Meme Stock ETF, according to <a href="https://www.solactive.com/indices/">data from the fund's index provider</a> Solactive. 10. Virgin GalacticTicker: <a href="https://markets.businessinsider.com/stocks/spce-stock">SPCE</a> Market Capitalization: $4.2 billion Year-To-Date Performance: -31.5%<div type="image" title="Sir Richard Branson, Founder of Virgin Galactic, poses for photographs before ringing a ceremonial bell on the floor of the New York Stock Exchange (NYSE) to promote the first day of trading of Virgin Galactic Holdings shares on October 28, 2019 in New York City." height="2628" width="5256" msid="88010923" hostid="261"></div>9. SoFi TechnologiesTicker: <a href="https://markets.businessinsider.com/stocks/sofi-stock">SOFI</a> Market Capitalization: $15.0 billion Year-To-Date Performance: 48.2%<div type="image" title="SoFi Stadium" height="3000" width="6000" msid="88010925" hostid="261"></div>8. Digital World AcquisitionTicker: <a href="https://markets.businessinsider.com/stocks/dwac-stock">DWAC</a> Market Capitalization: $1.6 billion Year-To-Date Performance: 329.6%<div type="image" title="trump media pitchdeck 14" height="960" width="1920" msid="88010926" hostid="261"></div>7. Lucid GroupTicker: <a href="https://markets.businessinsider.com/stocks/lcid-stock">LCID</a> Market Capitalization: $77.3 billion Year-To-Date Performance: 450.1%<div type="image" title="Lucid Air" height="1997" width="3995" msid="88010928" hostid="261"></div>6. Peloton InteractiveTicker: <a href="https://markets.businessinsider.com/stocks/pton-stock">PTON</a> Market Capitalization: $13.8 billion Year-To-Date Performance: -70.7%<div type="image" title="A Peloton exercise bike is seen after the ringing of the opening bell for the company's IPO at the Nasdaq Market site in New York City, New York, U.S., September 26, 2019." height="2685" width="5371" msid="88010931" hostid="261"></div>5. Upstart HoldingsTicker: <a href="https://markets.businessinsider.com/stocks/upst-stock">UPST</a> Market Capitalization: $19.0 billion Year-To-Date Performance: 421.5%<div type="image" title="Upstart logo" height="300" width="600" msid="88010932" hostid="261"></div>4. RobloxTicker: <a href="https://markets.businessinsider.com/stocks/rblx-stock">RBLX</a> Market Capitalization: $70.1 billion Year-To-Date Performance: 86.1%<div type="image" title="Roblox" height="1249" width="2500" msid="88010934" hostid="261"></div>3. Robinhood <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword>Ticker: <a href="https://markets.businessinsider.com/stocks/hood-stock">HOOD</a> Market Capitalization: $24.5 billion Year-To-Date Performance: -22.3%<div type="image" title="Robinhood co-founders Baiju Bhatt (left) and Vlad Tenev." height="3120" width="6240" msid="88010935" hostid="261"></div>2. AMC EntertainmentTicker: <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC</a> Market Capitalization: $18.7 billion Year-To-Date Performance: 1,637.7%<div type="image" title="2019 American Cinematheque Award - Arrivals - Beverly Hills, California, U.S., November 8, 2019 - Adam Aron." height="2213" width="4426" msid="88010936" hostid="261"></div>1. GameStop Ticker: <a href="https://markets.businessinsider.com/stocks/gme-stock">GME</a> Market Capitalization: $14.2 billion Year-To-Date Performance: 972.2%<div type="image" title="A high-street GameStop store" height="1750" width="3500" msid="88010939" hostid="261"></div>

Here are the 10 meme stocks held by an upcoming ETF that will invest in heavily shorted companies

<ul><li><keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword> is set to report third quarter earnings after the closing bell on Thursday.</li><li>Analysts will be looking out for the tech giant's advertising revenue after many advertisers<a href="https://www.businessinsider.com/facebook-ad-boycott-should-be-extended-moderators-say-2020-8"> partially boycotted the platform this summer</a>. Other investors are looking at Facebook's monthly active users after lockdown restrictions eased over the summer. </li><li>Here's what six Wall Street analysts are saying ahead of the platform's earnings report.</li></ul><ul><li><a href="https://markets.businessinsider.com/stocks/fb-stock">Watch Facebook trade live here.</a> </li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestsource=markets&amp;utm_medium=ingest">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> is set to report third quarter earnings after the closing bell on Thursday.Snap's unexpectedly <a href="https://markets.businessinsider.com/news/stocks/snap-stock-price-soars-snapchat-smashes-profit-user-growth-forecasts-2020-10-1029703487">strong earnings results last week</a> have raised Wall Street's expectations for Facebook. Many analysts will be looking out for the tech giant's advertising revenue after some advertisers<a href="https://www.businessinsider.com/facebook-ad-boycott-should-be-extended-moderators-say-2020-8"> partially boycotted the platform this summer</a>. Other investors are looking at Facebook's monthly active users after lockdown restrictions eased over the summer.Shares of the tech giant slipped as much as 5% on Wednesday as Facebook CEO Mark Zuckerberg, Twitter CEO Jack Dorsey and Google CEO Sundar Pichai <a href="https://www.businessinsider.com/zuckerberg-late-trouble-connecting-to-senate-hearing-section-230-2020-10">testified before a Senate panel regarding content moderation.</a>Here's what six Wall Street analysts are saying ahead of Facebook's earnings report. <h3>1. Bank of America</h3>Price target: $335 Rating: Buy "Expect a strong 3Q as the economy shifts online from offline," said Bank of America's Justin Post.The firm estimates third quarter revenue of $20.18 billion versus the consensus $19.77 billion, and earnings-per-share of $1.99 versus the consensus $1.91 per share. "Our channel checks indicate advertisers turned ad spending back in 3Q with limited back-to-school impact from limited school reopening. Snap's results suggest a strong online advertising rebound in 3Q," he added.Bank of America said Facebook's new shopping content features including the Shop page on Facebook and shopping on Instagram's IGTV will be an area of investor focus on Thursday's call. <h3>2. Wedbush Securities </h3>Price target: $300 Rating: Outperform"Anticipate upside to Q3 results despite likely audience pull forward in 1H," said Wedbush Securities' Michael Pachter. "Facebook has consistently executed on its core business model and we expect the company to weather an advertising spending decline from a relatively better position than peers, given its tremendous scale and robust suite of tools to help advertisers manage costs and maximize ROI. User activity is clearly on the rise, the frequency of ad delivery has been ticking higher, and we expect Facebook to increasingly enable connections between its users and businesses wherever they access Facebook's many services," Pachter said. "That said, we remain concerned about Facebook's prospects for the next quarter, at a minimum, given ongoing uncertainty around the macroeconomic environment, upcoming platform changes that will likely impact targeted advertising, and the duration of current advertising trends."<h3>3. <keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword></h3>Price target: $315 Rating: Overweight "Based on our investor conversations, we believe buyside expectations are now for mid-teens+ revenue growth for 3Q, with SNAP's recent strength likely having raised the bar a bit," Doug Anmuth of JPMorgan said."Facebook remains one of our top picks (along w/AMZN, PTON, &amp; SNAP) &amp; we raise our 3Q ad revenue estimate from $19.5B (+12% Y/Y growth) to $19.8B (+14% Y/Y)." Read more: <a href="https://www.businessinsider.com/trading-strategy-how-tom-baldwin-surpassed-1-million-first-year-2020-10">Market wizard Tom Baldwin started trading with $25,000 and grew it to an estimated $30 million. He shares 6 timeless trading rules that helped him reach millionaire status before his first year was through.</a><h3>4. <keyword id="139623" type="COMPANY" weightage="60" keywordseo="RBC-Capital-Markets">RBC Capital Markets</keyword> </h3>Price target: $320 Rating: Outperform "Political Ads could generate a material boost to North American Revenue in Q3 &amp; Q4," said Mark Mahaney."In Q3, we are estimating Y/Y MAU growth of 10% (from 12% in Q2) to 2.69B and a DAU/MAU ratio of 66.2%, down 3bps Y/Y. We view these estimates as reasonable given easing shelter in place restrictions vs. the peak in Q2." <h3>5. Stifel </h3>Price target: $320 Rating: Buy "Demand from digital advertisers recovered significantly in August and September according to numerous ad agencies and early earnings reports; we are raising our year over year revenue growth forecasts for Facebook by 2-3% over the next few quarters amid the more optimistic outlook for digital advertising growth," Stifel's John Egbert said."Audience growth may have cooled following a pull-forward of growth during the early months of the pandemic, but third-party data suggest Facebook's engagement remained strong in 3Q and MAU additions may have done slightly better than the Street's modest expectations." <h3>6. CFRA Research </h3>Price Target: $240 Rating: Hold "I would expect FB to beat consensus but perhaps not as big a topline beat as Snap, given that FB did see some ad spend directed away from it in July as many advertisers partially boycotted the platform, although that might be overwhelmed by ad overall spend heading faster to Internet and social media, especially Instagram as monetization there is picked up a lot," CFRA's John Freeman said. "I think Facebook still faces the most regulatory risk, maybe less under a Biden administration, but more than Google."

'Anticipate upside to Q3 results': Here's what 6 Wall Street analysts are saying about Facebook before its 3rd quarter earnings report

<ul><li><keyword id="240276" type="PERSON" weightage="60" keywordseo="Peloton">Peloton</keyword> surged 14% on Tuesday to near record highs after it announced two new exercise products, along with a price cut to its existing connected bike.</li><li>Peloton introduced the new Peloton Bike+, a premium version of its already popular connected bike, as well as the Peloton Tread, a budget version of its treadmill that was originally launched in 2018.</li><li>Peloton cut the price of its Peloton bike by $350, making it more affordable for consumers who had sticker shock with the original $2,245 price tag.</li><li>CFRA Research is cheering the move, and boosted its price target on shares to $90 from $60.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Investors are thrilled with <a href="https://markets.businessinsider.com/stocks/pton-stock">Peloton's</a> new product announcements, with shares racing as much as 14% higher to near record highs in Tuesday trades.Peloton <a href="https://www.prnewswire.com/news-releases/peloton-expands-product-suite-with-all-new-bike-and-tread-offering-more-ways-for-people-to-access-and-enjoy-world-class-at-home-fitness-301125177.html">announced</a> on Tuesday two new products to its line-up that now round out its product portfolio to include a premium and budget version bike, and a premium and budget version treadmill.The new Peloton Bike+ costs $2,495 and includes a swivel monitor that allows the user to do more workouts other than cycling on the Peloton app, the ability to sync an Apple Watch with the bike for fitness tracking, and an auto-follow feature that automatically adjusts the cycling resistance during classes.The original Peloton Bike will remain on sale for $1,895, representing a $350 decrease from its original $2,245 price tag.The Peloton Tread+ is still the same treadmill released by Peloton in 2018, just with a new name. The Tread+ will cost $4,295.The Peloton Tread is a new budget version of the Tread+ that will cost $2,495 and will have a slimmer profile than the Tread+. According to Peloton, the new treadmill will be available in early 2021.Read more: <a href="https://www.businessinsider.com/stock-market-nasdaq-sell-off-explained-investing-advice-portfolio-positioning-2020-9?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">4 experts break down the drivers behind the sudden plunge in tech stocks that's dragging the entire market lower - and share their best recommendations for what investors should do as the election approaches</a>CFRA Research was impressed by the new product lineup from Peloton, according to a note published on Tuesday. "The addition, in our view, will provide more affordable entry points to experience Peloton and address consumer concerns about sticker shock," CFRA said.The firm increased its price target by $30 to $90, which was a dollar below where Peloton traded at its peak on Tuesday. CFRA maintained Peloton at a "buy" rating.Peloton is set to benefit from its "first-mover advantage in interactive fitness, which has allowed PTON to achieve critical mass and cultivate a loyal following," CFRA concluded.Shares of Peloton traded as high as $91.84 on Tuesday, just below their all-time high of $92.50 reached last week.<div type="image" title="pton chart.JPG" height="637" width="852" msid="78006037" hostid="261"></div>

Peloton surges 14% after it expands product portfolio with new bike, cuts price

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li style="font-weight: 400;">Peloton, a venture capital investor favorite, publicly released its documentation for its public offering on Tuesday.</li><li style="font-weight: 400;">The connected fitness hardware maker confidentially filed its intent to go public earlier this year.</li><li style="font-weight: 400;">It will trade on the NASDAQ under the "PTON" ticker.</li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories.</a></li></ul><a href="https://www.businessinsider.com/category/peloton">Peloton</a> is going public.The connected fitness hardware maker <a href="https://www.sec.gov/Archives/edgar/data/1639825/000119312519230923/d738839ds1.htm">publicly released documentation</a> for a planned public offering on Tuesday, according to a filing with the SEC. It will trade on the NASDAQ under the "PTON" ticker.The startup, known for its subscription fitness classes and premium-priced stationary bikes, is a hit among venture investors in Silicon Valley and New York.This story is developing...

Peloton, the startup behind the connected fitness craze, files for IPO

<ul class="summary-list"><li><keyword id="11928679" type="UNKNOWN" weightage="60" keywordseo="peloton" source="Orion">Peloton</keyword> CEO John Foley will step down, which analysts say means it's more likely Peloton will sell.</li><li>Amazon and <keyword id="11897664" type="UNKNOWN" weightage="60" keywordseo="nike" source="Orion">Nike</keyword> are both reportedly exploring the possibility of buying Peloton.</li></ul>Peloton's CEO is stepping down, adding to mounting evidence that a sale is in the company's future, Wall Street analysts say. John Foley announced Tuesday <a href="https://www.businessinsider.com/peloton-ceo-john-foley-is-stepping-down-wsj-2022-2">he will step down as CEO</a> of the company he founded in 2012 and become Peloton's executive chair. Barry McCarthy, the former CFO of Spotify and Netflix, will replace him. The company will also lay off 2,800 employees, or roughly 20% of its workforce, as part of cost-cutting measures amid slowing demand for at-home fitness products like the company's connected bike and treadmill. The changes add fuel to Wall Street speculation that Peloton could be considering a sale. "Foley leaving makes it more likely that Peloton ultimately sells the company and the board clearly has major decisions to make in the days/weeks/months ahead," <keyword id="11985019" type="UNKNOWN" weightage="60" keywordseo="wedbush" source="Orion">Wedbush</keyword> analysts Daniel Ives and John Katsingris wrote Tuesday. "If a bidding process begins, we view Apple as the likely acquirer due to the clear strategic fit with its healthcare/fitness/subscription initiatives while Amazon and Nike among others could be potential bidders in the mix."Their predictions come on the heels of multiple reports that several companies are eyeing Peloton. <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fpeloton-draws-interest-from-potential-suitors-including-amazon-11644012693%3FAID%3D11557093%26PID%3D6415797%26SID%3Dbi%257C61fdbd2fe181194456689f25%257C164424986479921fb5f92%26subid%3DBusiness%2BInsider%26cjevent%3D535e42df883311ec8064cc120a82b839%26tier_1%3Daffiliate%26tier_2%3Dmoa%26tier_3%3DBusiness%2BInsider%26tier_4%3D3861930%26tier_5%3Dhttps%253A%252F%252Fwww.wsj.com%252Farticles%252Fpeloton-draws-interest-from-potential-suitors-including-amazon-11644012693">The Wall Street Journal reported</a> Friday that Amazon has already spoken to advisors about a possible acquisition. <a href="https://www.ft.com/content/8ae3240b-8c09-48e4-bc2c-b7a9e4c00c51">The Financial Times reported</a> one day later that Nike is in the early stages of exploring the purchase. Peloton stock <a href="https://markets.businessinsider.com/news/stocks/peloton-stock-price-amazon-nike-apple-takeover-bids-potential-deal-2022-2">jumped 25% on Monday</a> following the reports that Amazon and Nike may be interested in a deal.While Nike buying Peloton could have major upsides, it's the wrong move for the sportswear giant, Wedbush analysts Tom Nikic and Ezra Weener wrote in a report published Sunday. For one, it would give Nike a new way to interact directly with existing or potential customers. Peloton offers live and on-demand fitness classes for bike and treadmill users, and those who don't own the company's fitness equipment can sign up for a standalone subscription as well. Peloton has said it expects to have between 3.35 million and 3.45 million subscribers by the end of fiscal year 2022.Buying Peloton would also block Nike's competitors from doing future apparel or footwear collaborations with Peloton. While Peloton recently launched <a href="https://www.businessinsider.com/peloton-apparel-brand-clothing-collection-competes-lululemon-nike-adidas-2021-9">its own private-label apparel brand</a>, it had previously teamed up with <a href="https://news.adidas.com/running/adidas-x-ivy-park-and-peloton-launch-first-collaborative-collection/s/07812128-bd26-4621-b714-14e78dec19a6">Adidas</a> and <keyword id="12062051" type="UNKNOWN" weightage="60" keywordseo="lululemon" source="Orion">Lululemon</keyword> on Peloton-branded apparel (although Peloton and Lululemon are currently <a href="https://www.businessinsider.com/peloton-suing-lululemon-peloton-apparel-patent-infringement-threats-2021-11">locked in a legal battle over patent infringement</a> and unlikely to collaborate again). Another benefit to Nike is Peloton's technical expertise. Nike already has patents for fitness equipment, as evidenced by <a href="https://www.businessinsider.com/nike-sues-lululemon-over-mirror-home-gym-apps-2022-1">its recent patent infringement suit</a> against Lululemon's Mirror Home Gym. Buying Peloton could allow Nike to make good on existing patents.Still, buying Peloton is the wrong move for Nike, the analysts say. Peloton already loses a significant amount of money, and at-home fitness may be fading as the pandemic gradually subsides and future lockdowns look unlikely.Plus, Peloton's public perception has taken a hit: <a href="https://www.businessinsider.com/sex-and-the-city-reboot-peloton-and-just-like-that-2021-12">fictional TV characters</a> <a href="https://www.businessinsider.com/peloton-takes-pr-hit-billions-character-suffers-heart-on-bike-2022-1">keep dropping dead</a> after riding their Peloton bikes, and the company had to <a href="https://www.businessinsider.com/peloton-recalls-tread-treadmills-after-injury-reports-death-2021-5">recall its treadmill</a> following multiple reports of injuries and the death of a child. Those factors combined make it the wrong move for Nike, the analysts said."We think there's a lot to like about NKE, but a potential PTON acquisition isn't one of them," they wrote. "We're skeptical that a deal would even make strategic/financial sense, given the hefty losses NKE would have to absorb and the fact that it may detract from the company's robust growth opportunities in its core business.""We'll continue to monitor the situation, but for now, we think it's mostly 'noise,'" they added.

Peloton's CEO is stepping down, adding to mounting evidence that the company is looking to sell. Despite the upsides for a company like Nike, analysts say buying Peloton is still a bad idea.

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/peloton">Peloton</a> has priced its <a href="https://www.businessinsider.com/category/ipo">public offering</a>.</li><li>The maker of connected fitness equipment will go public at $29 a share.</li><li>The offering will raise $1.3 billion for the company and give it a market capitalization of $8.2 billion.</li><li>Peloton's stock is expected to begin trading Thursday under the ticker symbol PTON.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Fitness equipment maker Peloton found a healthy demand for its initial public offering.The company priced its shares at $29 a piece Wednesday, <a href="https://www.prnewswire.com/news-releases/peloton-announces-pricing-of-initial-public-offering-300925649.html">it said in a press release</a>. That's at the <a href="https://www.businessinsider.com/peloton-to-raise-as-much-as-12-billion-in-ipo-shares-priced-26-to-29-2019-9">top of the range it previously forecast</a> and will translate into $1.3 billion in cash that it will raise in the offering. That price will give the company a valuation of around $8.2 billion, about double the valuation it fetched in its last private funding round one year ago.The company expects its shares to begin trading on the Nasdaq on Thursday under the symbol PTON.Peloton makes stationary bikes and treadmills equipped with interactive displays. It also offers a subscription video service that streams exercise classes to its exercise equipment.The company has quickly built up a passionate customer base and seen its sales soar. But it's also posted mounting losses and <a href="https://www.businessinsider.com/nmpa-doubles-damages-sought-against-peloton-for-stealing-songs-2019-9">faces a $300 million lawsuit</a> from top recording artists who allege that it used their songs without permission.Read this: <a href="https://www.businessinsider.com/peloton-ipo-business-model-analysis-investors-bullish-2019-6">Peloton, the fitness startup with a cultlike following, could go public at an $8 billion valuation. Insiders reveal why its business seems set to explode.</a>Peloton's successful IPO stands in sharp contrast to <a href="https://markets.businessinsider.com/news/stocks/wework-reportedly-postpones-ipo-lack-of-investor-interest-2019-9-1028529278">WeWork's failed effort</a> earlier this month to go public. The commercial real-estate company, which a few weeks ago had the highest value of any startup, postponed its offering in the face of Wall Street resistance. It <a href="https://www.businessinsider.com/wework-co-founder-adam-neumann-is-stepping-down-as-ceo-2019-9">ousted its CEO</a> earlier this week.Got a tip about Peloton or another company? Contact this reporter via email at twolverton@businessinsider.com, message him on Twitter <a href="https://twitter.com/troywolv/">@troywolv</a>, or send him a secure message through Signal at 415.515.5594. You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6"> contact Business Insider securely via SecureDrop</a>.<ul class="read-more-links"><li>Read more about Peloton's IPO:</li><li><a href="https://www.businessinsider.com/peloton-connected-fitness-files-for-ipo-2019-8" data-read-more-link="" data-e2e-name="read-more-link"> Peloton, the buzzy exercise-bike startup that ignited the connected-fitness craze, has filed for an IPO and revealed spiraling losses</a></li><li><a href="https://www.businessinsider.com/peloton-give-insiders-20-votes-per-share-after-its-ipo-2019-8" data-read-more-link="" data-e2e-name="read-more-link">Peloton insiders will have 20 votes per share - twice as many as those at other startups - but CEO John Foley may not wield all the power after the IPO</a></li><li><a href="https://www.businessinsider.com/poleton-ceo-john-foley-pay-salary-2019-8" data-read-more-link="" data-e2e-name="read-more-link"> Peloton is paying its two top execs $21.4 million apiece, even as its losses quadrupled to $245 million in its most recent fiscal year</a></li><li><a href="https://www.businessinsider.com/peloton-warned-investors-weaknesses-internal-controls-2019-8" data-read-more-link="" data-e2e-name="read-more-link">In its IPO documents, Peloton warned it's got some particular shortcomings as a business that could lead to fraud or financial restatement</a></li></ul>

Peloton prices its IPO at the top of its range, raking in $1.2 billion and giving it a $8.2 billion value

<ul class="summary-list"><li>Peloton's stock is rising despite global stock markets plunging this week as the coronavirus outbreak becomes a growing concern.</li><li>According to Needham analyst Laura Martin, investors could see more value in the company as the outbreak spreads and more consumers are encouraged to work out at home while avoiding public spaces such as gyms and fitness studios.</li><li>"This may drive higher unit sales and subscription revenue in 2020," Martin said in a recent note to investors. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Stock markets around the world have tumbled this week as the spread of coronavirus becomes of growing concern and new cases are reported in Iran, Italy, and South Korea. There are a select few <a href="https://markets.businessinsider.com/stocks/pton-stock">stocks that seem to be rising</a> in this uncertain time, however, one of which is the high-tech, at-home fitness company Peloton, best known for its $2,000 exercise bike.According to Needham analyst Laura Martin, the company could be in a position to benefit from the coronavirus crisis as consumers choose to work out at home rather than risk going to a gym or fitness studio. Investors may be seeing value in this. "With new COVID-19 hotspots in South Korea, Italy and Iran, we believe certain US consumers will be less comfortable over time going to their gym and more likely to order a PTON [Peloton] bike to stay home. This may drive higher unit sales and subscription revenue in 2020 than are currently in our estimates," Martin wrote in a recent note to clients, as reported by <a href="https://finance.yahoo.com/news/2-stocks-benefit-coronavirus-outbreak-140022684.html">Yahoo Finance</a>. Gyms in China have already been forced to livestream their classes as consumers are forced to stay away from public places."We don't want our clients to forget us. And if we are not doing anything, some might be afraid that we were already gone. We are trying to do something to comfort everyone," Chris Li, the owner of Pilates Proworks in Shanghai, recently told <a href="https://www.reuters.com/article/us-china-health-gyms/gyms-in-china-livestream-routines-as-coronavirus-keeps-patrons-away-idUSKBN20C0C3">Reuters</a>. And it's likely that as the virus spreads, consumers elsewhere will also become cautious. A 29-year-old Londoner called Mary told <a href="https://www.theguardian.com/world/2020/feb/12/ive-stopped-going-to-the-gym-britons-react-to-coronavirus-threat">The Guardian</a> she had stopped going to the gym, despite the UK not currently being considered a <a href="https://www.nhs.uk/conditions/coronavirus-covid-19/">high-risk area</a>."In my opinion it is one of the more densely crowded areas. I've also stopped using public transport and where possible I'm driving," she said. Peloton, meanwhile, gives customers the ability to participate in boutique-style fitness classes without having to worry about being in a public space.

Peloton's stock is rising as fears over the spread of coronavirus could encourage customers to work out at home

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Kimberly White/Getty Images for TechCrunchJohn Foley</div></div></div><ul class="summary-list"><li style="font-weight: 400;">In <a href="https://www.youtube.com/watch?v=kAdp0R8B_rU">an interview with CNBC in 2018</a>, Peloton cofounder and CEO John Foley said the company was "weirdly profitable" for its size and age.</li><li style="font-weight: 400;">In <a href="https://www.sec.gov/Archives/edgar/data/1639825/000119312519230923/d738839ds1.htm">financial documents made public Tuesday</a>, however, the seven-year-old startup reported $245.7 million in net loss in fiscal 2019, up from $47.9 million in net loss in 2018.</li><li style="font-weight: 400;">The startup is <a href="https://www.businessinsider.com/fitness-maker-peloton-booming-as-it-prepares-for-an-ipo-2019-6">widely credited for spurring on the connected fitness craze</a>, and sells internet-connected at-home gym equipment and a monthly subscription to live and taped fitness classes.</li><li style="font-weight: 400;">The company was recently valued at $4 billion and has raised $994 million in private venture capital.</li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories.</a></li></ul>Turns out <a href="https://www.businessinsider.com/peloton-connected-fitness-files-for-ipo-2019-8">Peloton is burning cash</a> as quickly as its users burn calories. The startup, which makes <a href="https://www.businessinsider.com/fitness-maker-peloton-booming-as-it-prepares-for-an-ipo-2019-6">internet-connected fitness equipment</a>, publicly released <a href="https://www.sec.gov/Archives/edgar/data/1639825/000119312519230923/d738839ds1.htm">paperwork for its IPO</a> on Tuesday.Among other financial headwinds, the startup reported that it had quadrupled its annual net loss from $47.9 million to $245.7 million in just the last year. But in <a href="https://www.youtube.com/watch?v=kAdp0R8B_rU">an interview with CNBC in May 2018</a>, Peloton cofounder and CEO John Foley told reporters that the startup was profitable."We are profitable, weirdly. It's a beautiful business model. Our investors are happy," Foley told CNBC.That is weird indeed. And it's not clear what Foley based that statement on. In its fiscal 2018 year, which ended just two months after that interview, on June 30, Peloton posted a net loss of $47.9 million. In fact, according to its S-1, Peloton posted net losses for the past eight consecutive quarters. On an adjusted basis, excluding interest, taxes, depreciation, amortization and stock based compensation, Peloton still lost money in seven of those eight quarters. As can be seen in the chart below, only once - in the last three months of 2017 - did the company eke out an $800,000 EBITDA profit. <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Peloton" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5d65cd682e22af24701f57d2-960/screen shot 2019-08-27 at 53440 pm.png"></a>Peloton</div></div></div>Peloton declined to comment on Foley's puzzling statement, or his definition of "weirdly," citing quiet period restrictions leading up to the company's IPO. The company said on Tuesday that it plans to list shares on the Nasdaq exchange under the ticker symbol "PTON."Read More: <a href="https://www.businessinsider.com/peloton-connected-fitness-files-for-ipo-2019-8">Peloton, the buzzy exercise bike startup that ignited the connected fitness craze, has filed for an IPO and revealed spiraling losses</a>Since <a href="https://www.businessinsider.com/peloton-ipo-filing-direct-to-consumer-marketing-2019-8">Foley started the company in 2012,</a> Peloton has raked in $994 million in private venture capital, <a href="https://my.pitchbook.com/profile/61931-08/company/profile#comparisons">according to Pitchbook data</a>. The New York-based company was most recently valued at $4 billion.Peloton's business model counts on high margins on sales of its proprietary fitness equipment and recurring revenue from monthly memberships. Its flagship connected stationary bike costs $1,995, and its newest product, a connected treadmill, costs nearly double that. Users then have to purchase a $39 monthly subscription for access to live and recorded fitness classes hosted by celebrity personal trainers. But all those classes come with a cost. Sales, marketing, and <a href="https://www.businessinsider.com/peloton-warns-of-reliance-on-premium-music-for-success-2019-8">licensing fees have all skyrocketed</a> for the startup in the past year, according to the filing.According to the startup's filing, more than 511,000 of its customers are monthly subscribers and it has sold 577,000 "connected fitness devices" globally. The company also said it has 1.4 million members, which includes all users that created a Peloton account online. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/16-inventions-getting-us-off-fossil-fuels-and-into-renewable-energy-2019-8">16 inventions getting us off fossil fuels and into renewable energy</a></h3> <div> </div> </div>

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