Shares of Peloton Interactive ( NASDAQ: PTON ) fell nearly 10% Tuesday amid overall weakness in stay-from-home names, with the fitness company's stock posting its third straight session of losses.
PTON fell as much as 10.1% before partly recovering to end Tuesday's session at $8.71, down 8.8% for the day.
Peloton ( PTON ) has been under pressure since the company announced dismal FQ3 earnings and issued disappointing guidance in May, highlighted weakening subscriber growth. Shares have fallen 32.5% since PTON's close on May 10, when the company reported FQ3 results.
In fact, investors and analysts have been losing interest for more than a year in PTON and other stocks that benefited from the COVID-inspired work-from-home trend. All told, Peloton ( PTON ) has fallen by some 95% since its shares peaked in January 2021 at $171.09 intraday.
Work-from-home stocks have suffered from a return to working from the office, coupled with rising inflation that has many consumers increasingly spending money on bare essentials.
Other work-from-home names also showed weakness on Tuesday, including Okta ( OKTA ) -8% , Zoom Video Communications ( ZM ) -5.4% , DocuSign ( DOCU ) -5% , monday.com ( MNDY ) -4.8% , Etsy ( ETSY ) -3.3% and Asana ( ASAN ) -2.9% . The Direxion Work From Home ETF ( WFH ) lost 3.7% .
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Why did Peloton stock slump today? Wall Street is over 'Work from Home' names