Feb. 11 at 6:34 PM
Hedge fund manager David Einhorn, founder of Greenlight Capital, said he bought Peloton again after its latest 26% drop, arguing the market overreacted to weak quarterly results. Once trading above
$170 during the pandemic and now near
$5, Peloton is not in secular decline, according to Einhorn. He cited the return of a former CEO, cost cuts, solid cash flow, and a planned debt refinancing as reasons the company should stabilize.
Einhorn is also bullish on Acadia Healthcare, which he views as more attractive following the return of former CEO Debbie Osteen, who led a strong growth period from 2018 to 2022. The stock, which fell from
$80 to around
$13 in recent years, could recover part of those losses over time, he said.
Another favored position is Deckers Outdoor. Despite trading roughly 28% below its recent high, Einhorn believes its brand portfolio, including Ugg, remains compelling and continues to resonate with consumers.
$PTON $ACHC $DECK