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Peloton backpedals to near record low after bike recall

Reuters
·1-min read
FILE PHOTO: Peloton in New York City

NEW YORK (Reuters) - Shares of Peloton Interactive tumbled 6.0% in early trading and hit a more than six-month low on Thursday after the U.S. Consumer Product Safety Commission recalled two million of its exercise bikes due to injury risks.

The stock was last at $7.08 after falling to $6.76, just ten cents above the record low it touched on Oct. 3.

Including the session move, Peloton's stock is down about 12% year-to-date and off more than 40% over the past 12 months.

The recall follows reports of the bike seat breaking and detaching during use, according to the CPSC.

Peloton's shares also tumbled last week after the company reported a wider-than-expected quarterly loss and said it expects to sign up fewer members for the year.

(Reporting by Caroline Valetkevitch; Editing by Lance Tupper)