David Einhorn speaks at the Sohn 2024 conference in New York City on April 3, 2024.
Adam Jeffrey | CNBC
shares Peloton The company's shares rose more than 11% on Wednesday after Greenlight Capital's David Einhorn said the company's shares were undervalued, CNBC has learned.
Einhorn made the presentation at the Robinhood Investor Conference. It was not immediately clear what Einhorn believed Peloton shares should trade at.
A person familiar with his statements said he made the case to the company while riding a Peloton bike.
Over the summer, Greenlight Capital, the hedge fund Einhorn founded in 1996, disclosed that it owned a $6.8 million stake in the company as of June 30.
Peloton stock tends to be volatile and was up just over 1% so far this year, as of Tuesday's close.
Einhorn's comments come a day after the company announced its partnership with Costco to sell the Bike+ in retail stores and online as it looks to reach younger, more affluent consumers who have the discretionary income to afford more expensive exercise equipment.
The company is currently led by two board members after CEO Barry McCarthy stepped down earlier this year. It is in the process of finding a new CEO and expects to announce its next CEO this year.
When reporting earnings in August, Peloton indicated it was ready to focus more on profitability than growth after completing a massive refinancing that deferred its debt maturities and bought it some time to influence the turnaround.
Peloton did not immediately respond to CNBC's request for comment.
