Earlier, MKM Partners analyst Rohit Kulkarni reiterated a Neutral rating and $28 price target on Peloton, saying that Peloton's post-IPO lock-up period will end on February 23, which is ten trading days prior to the commencement of the company's quarterly blackout period. The analyst said that he thinks almost all locked-up Peloton shares have "significant" positive returns, adding that he thinks this might lead to incremental downside pressure on Peloton shares over the near-term. Meanwhile, Kulkarni also noted that Flywheel bike owners received an email indicating the company would stop selling its bikes and discontinue its at-home subscription service, and subsequently Peloton posted an offer for existing Flywheel subscribers to join the Peloton community by trading in their Flywheel Home Bike for a refurbished Peloton Bike at no cost to them. The analyst said that while there is no publicly available data on the exact number of bikes involved, he thinks the move is a positive for Peloton as he thinks the company could add roughly 60,000-90,000 new subscribers.

Peloton call volume 5x normal on large rolldown in Dec. Shares little changed today near $3.02 (98% below covid-era highs above 167) with notable flow in the December term where a buyer paid 28c for 20k 7/10 call spreads on the PHLX floor. Trade history shows buyer of similar size in the 10 strike calls in late Feb, early March near $1.06 with shares nearly $1 higher.