By Christiana Sciaudone
Investing.com — Peloton (NASDAQ:) rose 3.4% on news of three recent acquisitions.
The fitness tech company bought Aiqudo, which makes an artificial intelligence voice assistant, last month. Late last year, it purchased Atlas (NYSE:) Wearables, which builds fitness trackers, and Otari, which makes interactive workout mats.
Demand for Peloton equipment and classes surged amid the pandemic, pushing shares up more than 500% from March 2020 to a high in January. They have fallen some 32% since then as vaccinations increased and hopes of a broad reopening keep us going, and maybe eventually get us back to germ-filled gyms.
The surge in demand has created a long waiting list for equipment that has piled up at ports, and given berth for competitors to take a slice of the pie.
As a result, Peloton has been on a buying spree, snapping up intellectual property from Peerfit, a digital health company, in November, and Precor, a fitness equipment provider, in December, which makes equipment in the U.S.
Recently, Peloton Chief Executive Officer John Foley told Bloomberg that a rowing machine and a strength training device might be in the works.
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