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.
Overall PTON ranks 9th on our list of the stocks that skyrocketed yesterday. While we acknowledge the potential of PTON as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than PTON but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Disclosure: None. This article is originally published at Insider Monkey.