Legendary investor Bill Miller told CNBC on Wednesday he's taking a hard look at shares of Peloton , the beleaguered exercise bike maker that just got a new CEO . "We bought Peloton on the IPO. We sold it very close to the highs," the founder and chief investment officer of Miller Value Partners said in an interview on "The Exchange." "My colleague [Samantha McLemore] actually talked about buying it again when it was below the IPO price. We missed it at least on that trade, but it's one that's on our radar here," added Miller, who rose to prominence on Wall Street for managing a fund that beat the S & P 500 for 15 straight years while at Legg Mason. Peloton has had a tumultuous few weeks following a CNBC report in late January indicating the company was temporarily halting production of its products as demand slumped . The stock sold off sharply in the wake of that Jan. 20 story, tumbling below its $29 IPO price in September 2019 . On Tuesday, Peloton announced former Spotify and Netflix executive Barry McCarthy was taking over as CEO, replacing co-founder John Foley, who became executive chair of the board. That C-suite shuffle came alongside a 20% reduction in corporate workforce and other cost-control plans, as Peloton works to regain trust from investors. Peloton, which makes connected-fitness equipment including stationary bikes and treadmills, also is reportedly a takeover target. Nike and Amazon have been rumored as possible buyers. Miller has a sizable personal stake in Amazon. Shares of Peloton closed Tuesday's session down roughly 76% from their 52-week high of $155.52 on Feb. 16, 2021. The stock was trading 2.7% lower on Wednesday, a little above $36 per share. Miller said he views the current setup in Peloton has attractive, expressing confidence in McCarthy's ability to lead the company through its present challenges. "We don't own Peloton now because they're in the midst of a massive restructuring, but we are intrigued with the value of their subscribers and [McCarthy's] evident experience with that both at Spotify and Netflix, and it's a great brand," he said. Miller noted the various companies that have been reported as potential acquirers of Peloton, but he said that's not the reason his firm has the company in its sights. "We're not betting on that. We're looking at the fundamentals of Peloton and thinking about it," Miller said. Watch the full interview with Bill Miller above.
Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in San Anselmo, California.
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