Up 439% this year, Peloton (NASDAQ: PTON) has been one of the top stock market winners of 2020. If you were daring enough to invest in the IPO 15 months ago, you’d be sitting on an even bigger gain right now.
So, what’s going on here? The onset of the coronavirus pandemic earlier in the year provided the perfect tailwind for the connected fitness company, as the closure of gyms across the country forced workout enthusiasts to find ways to exercise at home.
Peloton went from having 712,000 connected fitness subscribers (those who purchased a piece of equipment) as of Dec. 31, 2019 to now having more than 1.3 million. And revenue in the most recent quarter soared 232% year over year to $757.9 million.