A peloton bike
Shannon Stapleton | Reuters
Peloton said on Tuesday that it would not stop the development of new connected fitness products next year, contrary to a report released by DigiTimes.
Peloton shares fell nearly 5% in pre-market trading on Tuesday on the news, but after a Peloton spokesperson refuted the report, stocks recouped some of the losses. Recently, the stock has lost less than 1%.
The company plans to innovate across all of its product lines in 2022, a Peloton spokesperson said.
In a Tweet, CEO John Foley touted the company’s product pipeline.
âI’m so proud of what our team @onepeloton has accomplished this year,â Foley wrote. âWe have never been so excited about our product portfolio and look forward to what lies ahead in 2022 as we continue to innovate to help our members lead healthier lives. “
Peloton, which makes bicycles and treadmills, would work on a rower. Early next year, it is also expected to start selling a weight machine called the Guide Peloton in a bundle with a new heart rate cuff. Analysts predict the company has a number of new products in the pipeline in order to continue increasing sales.
DigiTimes did not immediately return a call seeking comment.
Peloton stock has been volatile in recent trading sessions. Shares remain down about 73% year-to-date, bringing its market cap to around $ 13.4 billion.
Last week, an HBO Max reboot of the popular ‘Sex and the City’ show tarnished its image and caused stocks to plummet, following the death of a key figure after exercising on one of his cycles . On Sunday, Peloton shared a parody ad with actors Chris Noth and Ryan Reynolds touting the benefits of his exercise classes. The company said it completed the announcement within 48 hours.
-CNBC Diana olick contributed to this report.