The long slump of Peloton (PTON) Interactive Inc. has continued into 2022. According to a report by CNBC, the exercise equipment company will cease production of its bikes as consumer demand diminishes.

Peloton ceased production of its higher-priced Bike+ in December and intends to do so for a few more months. It will suspend production of its Bikes from February to March.

In a confidential presentation on Jan. 10, the New York-based company said it faced a “significant reduction” in demand for its products.

Chief Executive Officer John Foley conceded that the fitness company overvalued consumer demand, misreading the public’s desire to return to in-person gyms as COVID protocols eased nationwide.

On Thursday, shares of Peloton closed at $24.22, down $7.62, or 23.93%.

Shares of Peloton gained 440% due to the pandemic creating remote conditions. Shares later fell 76% in 2021 as vaccines were made available and restrictions alleviated.

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