The market has gone on an up-and-down roller-coaster ride over the last few years, but for Peloton Interactive (NASDAQ: PTON), the ride has been nothing but downhill. The early-pandemic favorite is off 96% from the all-time high it touched in 2021, meaning if you invested $1,000 in Peloton at its peak, your stake would be worth about $40 today.

Peloton investors who bought in 2021 will likely never break even on the stock, but that doesn't mean it's destined to go down forever. And the business -- perhaps ever so slightly -- is starting to turn things around. Does that mean Peloton stock is set to climb in 2024?

After the dramatic ouster of founder and CEO John Foley in 2022, Peloton brought in Barry McCarthy to help fix the mess the previous executive team had left. After overexpanding its production capacity and making some poor acquisitions, Peloton was burning more than $1 billion in free cash flow a year and building up inventory far beyond customer demand levels. This put the company at risk of going out of business unless changes were made, and fast.

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Source Fool.com