In this photo illustration, the Peloton Interactive logo is displayed on the smartphone screen.

Raphael Enrique LightRocket | Getty Images

Shares of Peloton Interactive fell to an all-time low on Friday as investors lose hope that a connected fitness equipment maker can deploy and generate profits, even with a change of new CEO.

Shares fell more than 12% after the market opened amid a wider sell-off, reaching an all-time low of $ 14.70. It’s also well below Peloton’s IPO price of $ 29.

Peloton intends to announce its quarterly results, now led by CEO Barry McCarthy, on Tuesday morning.

Its market capitalization fell from about $ 50 billion early last year to less than $ 5 billion.

On Thursday night, The Wall Street Journal reported that Peloton is targeting potential investors, including industry players and private equity firms, to gain a stake in its business of about 15% to 20%. Fresh capital could help Peloton if it tries to turn around, but there is no guarantee that such a deal will be successful, the magazine writes.

A Peloton spokesman declined to comment.

“While it would be nice to have a vote of confidence … we don’t think it’s too encouraging for those who own the shares,” said Gordon Haskett analyst Don Bilson of the Journal report. “Such movements are rarely made from positions of strength. It’s more like despair. “

Activist firm Blackwells Capital is stepping up pressure on Peloton to sell itself, recently arguing that the changes made so far under McCarthy are not enough. Blackwells argued that the best owner could be Amazon or Netflix.

In an effort to win new customers and make more money on existing ones, Peloton recently cut prices on its Bike, Bike + and Tread machines, and next month plans to raise its monthly subscription fee for full access.

BMO Capital Markets analyst Simeon Siegel said turbulence has been “the only real constant” at Peloton in recent months.

“From its initial success to ongoing strategic tests, the company has yet to find a sense of normalcy that can smooth out recurring volatility,” he said.

Peloton shares have fallen more than 52% this year.

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