An activist pushes PelotonTo fire the chief executive officer of the company and to consider selling it as the share price is soaring. according to a report in the Wall Street Journal.

Blackwells Capital holds a less than 5 percent stake in Peloton. People familiar with the matter said that they think Peloton is an appealing target for bigger technology and fitness-oriented companies.

According to the report, Blackwells believes that Peloton today is less strong than it was before the pandemic. According to the report, CEO John Foley is largely responsible for the firm’s problems.

CNBC reached out to Blackwells and Peloton spokespersons for no immediate comment. Foley did not respond to a request for comment.

Foley, along with other insiders, have super-voting class B shares. They had control over almost 80% (according to proxy filing). This means that it will take significant pressure from shareholders to alter the company.

Peloton shares are now trading at $29.98 below their September 2019 initial public offer price. The stock closed Friday’s trading at $27.06, which gave the company an $8.8 billion market cap. Peloton was valued at almost $50 billion a year back.

You can read the entire Journal report here.

This is a developing story. Keep checking back for more updates.