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2 years ago
PTON was one of the most eagerly awaited and hottest IPO’s of 2019, and the company has proved to be a very volatile stock thus far. PTON shares have ranged from a price of $20.45 to as high as $37.03 within a forty-day trading range. The company has not been short of controversy either. It’s recent advertisement campaign leading into Christmas was slatted for having a sexist connotation, as it depicted a lady receiving the exercise bike from their adoring male partner. Despite the negativity that some analysts and media outlets put on PTON, the publicity seems to have positively boosted the company’s product awareness and given the company hours of free advertising on all media platforms.
The company’s stock has recently received some bullish commentary from Baird analyst, Jonathon Komp, who assigned the stock as a “fresh pick” with a outperform rating and a $35 dollar price target. This is just slightly above the average target on the street of $34.10 per share, but PTON also boasts a consensus ‘BUY Rating’ among 21 analysts covering the stock.
Short term – A slight pullback is very possible where horizontal support sits at $29.80-$28.40.
Medium Term – $35.23 – to monthly horizontal resistance.
Longer term – $42.21 – to Fibonacci extension.
A break above the $32 could possibly be a safe entry after clearing multiple resistance levels or wait for some confirmation from the MACD crossing.
It must also be considered that a break above the downtrend line will very likely result in a back test for PTON, so be wary of jumping in to soon and possible ladder into a position.