Peloton Stock Skids After Bike Recall

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A Peloton shop in New York City. (CARLO ALLEGRI/REUTERS)

Peloton's shares fell nearly 8% this morning after the announcement.

A recall

Around 2.2 million bicycles are affected.

The company stated that bikes sold at $1,400 or less from January 2018 to this month may have a defective bike seat. Peloton's shares have fallen 39% in the last 12 months and by 95% since their highs of late 2020.

Peloton Interactive Inc.

PTON (U.S. : Nasdaq