Business Insider's Emily Stewart may not have just written the Peloton Interactive Inc (NASDAQ:PTON) obituary, but her assessment indicates that the exercise bike company is about to kick the bucket.

What Happened: Stewart's article, which came out on Wednesday, outlines why the tech-based fitness company is headed "to the fitness fad graveyard."
Now, it's no secret that Peloton's stock has struggled. While the SPDR S&P 500 Trust ETF (NYSE:SPY) and overall market hit new all-time highs this week, Peloton's stock traded down more than 97% from its highs and more than 83% lower than what it opened at in the fall of 2019.

Stewart, a Peloton user herself, points out that some of the company's problems were brought on by unfortunate circumstances.

Work-from-home and at-home workouts created a pull-forward effect for Peloton. But bike demand subsided quicker than the company could ramp up production.
The fitness industry also has a habit of welcoming one workout trend after another. Eventually, they become fads.
As Stewart puts it: Jazzercise, Zumba, CrossFit, Pilates, Cardio Barre, "or, well, you get the point... Fitness is a lot like fashion."

Why It Matters: Peloton's market capitalization currently hovers at around $1.44 billion (it was $49.3 billion in January 2021). That may be concerning for the private equity suitors that are reportedly circling the struggling company.

Another concern is the fact that the CEO tasked with turning the company around, Barry McCarthy, is already leaving after joining in 2022.

Whether it's failing to attract new customers, cut into market share with new products, or keep legacy users engaged, Peloton clearly has some growth issues outside of its valuation and stock performance.

Price Action: The New York-based company's share price closed Thursday at $3.89, down 4.42%.
Now Read: Planet Fitness Has Been 'Pretty Much Destroyed,' Says Company Founder Amid Speculation On Boycott Cancellations

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