Peloton Interactive top investor Wellington Management offloaded stake worth over $100 million over the past week as the U.S. fitness startup's stock gained about 17%, regulatory filings showed.
Boston-based Wellington, which also holds a board seat in the company, sold a total of 4 million shares in multiple trades at prices as high as $26.28. It now holds 5.9 million in Class A shares, according to a filing.
Peloton and Wellington did not immediately respond to requests for comment.
Stocks that stand to benefit from social distancing during the coronavirus pandemic have gained in recent days.
With fitness clubs closed during the health crisis, Peloton, which sells stationary bikes and streams fitness classes online, has become a hot topic across the internet. Google searches for "Peloton" have nearly tripled since the end of February, according to Google Trends.
Peloton was among a wave of unprofitable companies that held highly anticipated stock listings in 2019, and has been volatile since then.
The stock closed up 5.3% at $24.57 on Tuesday. It has lost 15% in value from its IPO price of $29.