Shares of Peloton Interactive Inc. PTON, -3.51% took a 5.2% dive toward a fresh 17-month low in premarket trading Tuesday, after the home fitness company said it launched a public offering of $1 billion worth of common stock. The offering represents about 6.9% of Peloton’s market capitalization of $14.40 billion as of Monday’s close. The company said it granted the underwriters of the offering a 30-day option to buy up to an additional $150 million worth of shares. While public stock offerings are often launched by companies to take advantage of a rising share price, Peloton’s stock has plunged 56.8% over the past three months to $47.49 on Monday, the lowest closing price since June 2020. In comparison, the S&P 500 SPX, -0.00% has gained 4.5% the past three months.
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