Peloton, the high-rise exercise equipment company, has fallen off its perch as its shares have taken a hit falling nearly 25% this year, and trading at their lowest level in almost two years, albeit up 12% on Friday.
The company’s shares had earlier plunged amid reports that it would be slowing production.
In a blog, the firm’s chief executive said the information was “incomplete, out of context, and not reflective of Peloton’s strategy.”
Peloton shares plunged more than 75% in 2021 as the once red-hot stock (it soared nearly 400% in 2020) spun out of control.
The once highly touted company has gone into retreat following a number of complaints against the company’s market offerings.
Product recalls have hurt the company’s image and its sales. The high prices for its equipment also haven’t helped.
Additionally, competition from upstarts selling much cheaper bikes has robbed the company of market shares
Edited by Jesus Chan
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