Peloton Needs to Explore a Sale, Investor Says

Activist investor Blackwells Capital reiterated its push for Peloton Interactive Inc. to consider a sale, saying in a presentation that the company has made little progress under new CEO Barry McCarthy.

The investor said Mr. McCarthy, who took over in February, has made no substantial changes, and that the former chief executive officer and his allies still hold too much control of the company, known for its connected workout courses.