When the COVID-19 pandemic began in March 2020, Peloton Interactive (NASDAQ: PTON) stock was trading at around $25 per share. By the end of that year, it soared to over $150 as demand for the company's at-home exercise equipment exploded.

Today, Peloton stock is down more than 97% from that peak, and it trades near its all-time low of about $4. Since society is now free from the pandemic-era restrictions that shut down gyms and limited outdoor activities, demand for Peloton's products has plunged.

The company installed a new CEO, Barry McCarthy, in early 2022 to right the ship, but the progress hasn't impressed investors. Three things continue to drive the decline in Peloton stock, and the worst is far from over.

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Source Fool.com