PelotonContrary to what was reported by, the company said Tuesday that they are not stopping development of next-generation connected fitness products. DigiTimes.

Peloton shares dropped nearly 5% Tuesday morning on news. However, shares recovered some losses after a Peloton spokesperson refuted the report. Recently, shares were down by less than 1 percent.

A spokesperson for Peloton said that the company intends to invent across its entire product line by 2022.

John Foley, the CEO of Foley Enterprises highlighted his company’s product portfolio in a tweet.

Foley stated, “I’m proud of everything our @onepeloton staff has done this year.” We’ve never felt more proud about our product line and we look forward to 2022, as we innovate to make our members’ lives better.

Peloton is rumored be developing a rowing machine. Peloton is expected to sell a new strength training machine called the “All-in One” early next year. Peloton GuideIn a package with the new heartrate arm band. Analysts believe that there will be a lot of new products to grow sales.

DigiTimes did not immediately respond to a request for comment.

Recent trading sessions have seen volatility in Peloton stock. The market capitalization of Peloton is $13.4 billion. Shares are still down approximately 73% annually.

The image of “Sex and the City,” a popular HBO Max reboot, was tarnished last week by a HBO Max rerun. sent shares tumblingAfter a major character had died while exercising on one of the cycles, he was named as ‘Peloton’. Peloton had a Sunday share. parody commercialRyan Reynolds and Chris Noth star as the exercise instructors. It said that the commercial was produced in less than 48 hours.

—CNBC’s Diana OlickContributed to this report.