Peloton is one of six companies set to be added to soaring Nasdaq 100 index in annual shake up

by

in

peloton stationary bike

A 312% year-to-date rally in Peloton has helped the connected fitness equipment maker join the ranks of its large-cap tech peers: inclusion in the Nasdaq 100 index.In its annual year-end shake up, Nasdaq announced 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.Visit Business Insider’s homepage for more stories.

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.

Aside from Peloton, the companies to be added to the Nasdaq 100 prior to the market open on December 21 are American Electric Power, Marvell Technology Group, Match Group, Okta, and Atlassian.

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. 

Read More: Cathie Wood is beating 99% of fund managers this year. The ARK CEO and her team share their outlooks for 2021 – including thoughts on Tesla’s $5 billion stock sale, the Salesforce-Slack tie-up, and bitcoin’s meteoric rise.

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.

Those 6 companies are taking the place of BioMarin Pharmaceuticals, Citrix Systems, Expedia Group, Liberty Global, Take-Two Interactive Software, and Ulta Beauty.

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.

Read More: 2 investment chiefs at John Hancock’s $692 billion investing arm say the post-COVID recovery might disappoint in 2021 – but investors can profit with these 3 strategies

pton chart.JPG

Read the original article on Business Insider

Article Source and Credit feedproxy.google.com http://feedproxy.google.com/~r/businessinsider/~3/A2WnyKC6k_M/peloton-stock-added-to-nasdaq-100-index-annual-shake-up-2020-12 Buy Tickets for every event – Sports, Concerts, Festivals and more buytickets.com

Discover more from Teslas Only

Subscribe now to keep reading and get access to the full archive.

Continue reading