Investor sets Peloton price target at $150 per share
Gregg Smith of Evolution VC Partners on Snap and Peloton stock.
Beyoncé is giving Peloton some musical momentum.
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The Grammy-award-winning musician announced Tuesday a multiyear partnership with the home fitness company to produce content for its streamed workout classes.
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The "Formation" singer is working with the New York City-based brand, known for its stationary bikes, treadmills and streamed fitness classes, to create themed workouts for historically Black colleges and universities using her music.
Peloton said Tuesday that its cycling, running, strength, Bootcamp, yoga and mediation classes will launch in tandem with homecoming celebrations at HBCUs in lieu of in-person events during the pandemic. Workouts will be available on Peloton's equipment, including its bikes and treadmills, and on its mobile app.
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Peloton says Beyonce is the most requested artist globally among more than 3.6 million members.
“Peloton and I both believe that the power of music can help uplift, motivate and inspire those on their fitness journeys," Beyoncé said in a statement. "I've been a Peloton member for several years.”
Peloton announced in a news release that the company will also recruit students for internships at universities such as Clark Atlanta University, Bennett College, Grambling State University, Hampton University, Howard University, Morehouse College and Morehouse School of Medicine, Spelman College, Texas Southern University and Wilberforce University.
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The at-home fitness company has leveled up its business during the pandemic, with gyms shut down earlier this year and stay at home orders in place. Peloton has gained more than 2.6 million members since it launched eight years ago.
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