(Bloomberg) -- Peloton Interactive Inc.’s miserable year has sent its shares spiraling by roughly 90% over the last 12 months. But it’s hardly alone as a former market darling that is now plunging.
The fitness company is one of 45 members of the Russell 3000 Index to lose roughly 90% or more of their value in the past year, Carvana Co. and Redfin Corp. among them. Companies that thrived during Covid lockdowns, those that went public via SPAC merger and firms favored by ARK’s Cathie Wood have all taken their lumps. Combined, the group’s market value has plummeted by $174 billion to below $15 billion.
Peloton sold off early Thursday before erasing losses to climb to a six-week high despite delivering a weaker forecast for the current quarter than Wall Street was predicting. The lackluster outlook was “raising more concern about the normalization of demand for home fitness,” according to Bloomberg Intelligence analyst Geetha Ranganathan.
The issues are widespread for a cluster of companies that range from money-losing Bitcoin miner Core Scientific Inc. to fintech firm Upstart Holdings Inc., which actually generates a profit. To be fair the pain is global and has hit companies of all sizes, though not as violently as former pandemic winners and retail trader favorites.
The benchmark S&P 500 has slumped 20% over the past year while the tech-heavy Nasdaq 100 has erased one-third of its value over the same stretch. Tech bellwethers like Meta Platforms Inc. and Amazon.com Inc. are down more than 45% in that time.
--With assistance from Tom Contiliano.
(Updates share movement throughout.)
©2022 Bloomberg L.P.
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