Shares of Peloton Interactive (PTON -2.86%) were falling 6% in midday trading Wednesday on no specific news related to the connected fitness equipment maker, but following a weeks-long slide in its stock.
Peloton stock is now down 45% from its 52-week high and off more than 33% year to date.
Doubts persist about the ability of Peloton to continue growing in a post-pandemic world. While it crushed sales estimates in 2020 as people forced to stay at home turned to its connected fitness equipment to stay in shape, with gyms reopening and new competitors offering similar but more affordable equipment, the markets have worried over how long it can keep going higher.
Peloton also had to deal with two recalls of its equipment, and yesterday it acknowledged a glitch with its connected displays:
We are aware of the reported issues regarding your touchscreens flashing a white screen when turning on your Bike/Tread. A fix has been implemented for this issue, but additional steps may be required on your device.— Peloton (@onepeloton) September 21, 2021
The fitness guru, though, has sought to expand its addressable market by pursuing corporate fitness accounts through its acquisition of Precor, a fitness equipment maker focused on the hospitality market. The purchase could provide a way to get Peloton equipment into hotels.
Peloton reported last month that monthly workouts by its subscribers plunged 23% in the fiscal fourth quarter to 134.3 million, indicating the struggle the equipment maker faces against robust competition and even the great outdoors.
Running on an upscale treadmill in your living room just might not compete with a jog along a path in the woods or a park.