As legendary investor Warren Buffett is known for saying, "Turnarounds seldom turn." Peloton Interactive (NASDAQ: PTON) has been dealing with this harsh reality for over a year now. While the current CEO, Barry McCarthy, is doing everything in his power to right the ship at the company, it's alarming to see just how inaccurate his initial forecasts about the business's future have proven to be.
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Peloton (NASDAQ: PTON) was an investor favorite during the COVID-19 stock market bubble. Now, with the pandemic in the rearview mirror, an abrupt exit from founder/CEO John Foley, and the air coming out of the bubble stocks, Peloton shares have nosedived. The stock is down 60% over the past year and significantly more from its peak in early 2021 as the company started to hemorrhage money and lose demand for its at-home fitness products.