Peloton InteractiveShares plunged to an all time low on Friday, as investors lost hope that connected equipment manufacturer can make a turnaround and turn a profit even with a new chief operating officer.

After the opening of the market, more than 12% fell in stock prices, triggering a larger selloff to hit an all time low of $14.70. It’s still well under the $29.01 IPO price that Peloton had set.

Peloton’s quarterly results will be reported on Tuesday by Barry McCarthy (Chairman),

The market capitalization of the company has fallen from approximately $50 billion in early 2013 to below $5 billion.

The evening of Thursday, April 19, will be hosted by the Wall Street Journal reported that Peloton is targeting potential investors,A stake of between 15% and 20% in Peloton’s business could be taken by industry leaders or private equity firms. Peloton may be able to raise capital for its turnaround efforts, however, there are no guarantees that the transaction will go through.

Peloton spokespersons declined to comment.

Don Bilson from Gordon Haskett analysts said, “Though it may be nice to vote confidence…we don’t think this is too encouraging for people who own the stock.” Don Bilson was critical of the Journal report. These moves are not made often from positions of strength. It is more common to be in desperate situations.”

Firm of activists Blackwells Capital has been ramping up pressurePeloton’s sale, with McCarthy arguing recently that McCarthy’s changes are not sufficient. Blackwells suggested that Amazon and Netflix might make a better owners.

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