Peloton Interactive's (NASDAQ: PTON) stock closed at a record high of $167.42 on Jan. 13, 2021, representing a whopping 477% gain from its IPO price of $29 per share on Sept. 26, 2019. At the time, investors were impressed by the connected exercise bike maker's dazzling growth rates.

However, Peloton's stock subsequently plunged 95% and now trades at about $8 a share. Let's see why Peloton lost its balance, how it's trying to fix its business, and if it's a viable turnaround play for 2023.

Image source: Peloton.

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Source Fool.com