Peloton Sinks as Cramer Moves On, Competitors Ramp Up By Investing.com

By Christiana Sciaudone

Investing.com — Peloton (NASDAQ:PTON) is down almost 8% on Wednesday as Jim Cramer moves on and competition ramps up.

The host of CNBC’s Mad Money program said Tuesday that he’s “moving on” from the stock after a big run. Meanwhile, Motosumo, a Danish company, raised $6 million in a bid to double its network of spin class instructors around the world, expand its tech team and increase spending on marketing, according to TechCrunch.

Peloton has tumbled about 30% in 2021, after soaring around 370% last year as the pandemic drove demand to skyrocket. The company has struggled to supply the market, presenting an opportunity for competitors to tap the desire for at-home workouts amid closed gyms and, in some cases, even outdoor spaces.

Motosumo may have a leg up on Peloton, as it works with an existing smartphone or tablet attached to any stationary bike. The company had been focused on selling software to instructors and gyms, and is now looking toward targeting consumers, TechCrunch reported.