Einhorn’s Greenlight Capital Revises Portfolio with Peloton Exit, PayPal Stake

Value investor David Einhorn’s firm, Greenlight Capital, has disclosed significant shifts in its equity portfolio during the second quarter. The regulatory filing highlights the firm’s decision to liquidate its position in Peloton Interactive, Inc., marking a notable departure for the fund. The move comes as the connected fitness company continues to navigate a fluctuating market environment.

Alongside the sale of Peloton shares, Greenlight Capital exited its holdings in Victoria’s Secret and Sealed Air. Simultaneously, the fund reduced its exposure to Sprouts Farmers Market, according to the 13-F filing. These sales allowed the firm to reallocate capital toward new positions.

The filing revealed that Einhorn established a stake in PayPal Holdings during the quarter. The payment processor stood out as a significant new addition, with the firm purchasing 2.5 million shares. Greenlight also initiated positions in trading platform Robinhood Markets and Blanket America.

Peloton, which operates in the Consumer Cyclical sector under the Leisure industry, has seen its shares trade at $5.63, reflecting a gain of over 2.7% in the recent session. The company provides a range of connected fitness products, including the Peloton Bike, Tread, and Peloton Row, alongside associated wellness services.

Source: original release

What to watch

• Peloton’s next earnings report for updates on subscriber retention and hardware demand.
• Future regulatory filings to see if Greenlight maintains or increases the PayPal position.