Peloton is one of six companies set to be added to soaring Nasdaq 100 index in annual shake up
- A 312% year-to-date rally in
Pelotonhas helped the connected fitness equipment maker join the ranks of its large-cap tech peers: inclusion in the Nasdaq 100index.
- In its annual year-end shake up,
Nasdaqannounced it would boot six companies from the index, replacing them with Peloton and 5 others.
- Peloton is one of many work-from-home stocks that have experienced a surge in demand for their core offerings due to the COVID-19 pandemic and its related stay-at-home orders.
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After a 312% year-to-date rally and a market value of more than $35 billion, Peloton will join the ranks of its large-cap tech peers: inclusion in the Nasdaq 100 index.
The annual year-end shake up to the technology-heavy index will result in the removal of 6 companies and the addition of 6 others, Nasdaq said on Friday.
Many of the names being added to the Nasdaq 100 index have seen a surge in demand for their product offerings due to the COVID-19 pandemic and its related restrictions on businesses and social gatherings.
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Peloton customers have seen their expected delivery time for the connected fitness equipment extend into months as consumers adapt to shuttered or capacity restricted gyms. Peloton sales are up 172% year-over-year.
The Nasdaq 100 index was launched in 1985 and comprises of the 100 largest Nasdaq exchange listed non-financial companies. The index is reconstituted each year in December to coincide with the quadruple witch expiration Friday of the quarter.
The Nasdaq 100 is up 38% year-to-date, outpacing the S&P 500's year-to-date gain of 13% by nearly triple.
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