A company that was once seemingly on top of the world, Peloton Interactive (NASDAQ: PTON) has had a rough year in 2022. The stock has fallen 71% as the business grapples with a list of issues that are being exacerbated by a slowing economy. The future for the company couldn't be more uncertain. 

Should investors buy, sell, or hold Peloton's stock as we look toward 2023? Here's how I view the situation. 

A worthwhile discussion about Peloton's investment merits can't happen without addressing the problems first. The business benefited greatly from the coronavirus pandemic, as people who were stuck at home, coupled with closed gyms, created a demand boost. There was a four-quarter stretch from Q4 2020 through Q3 2021 when Peloton posted year-over-year revenue growth in excess of 125%. 

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Source Fool.com