Peloton Intermedia (NASDAQ:) Inc shares plunged 33% on Friday. The market lost about $9 billion as investors predicted a hard path ahead for pandemic-darlings amid a return of economies to normalcy.

Peloton Stock was lowered by at least 15 analysts after it cut its annual revenue forecast to as high as $1 billion. The company reported the slowest quarter-to-quarter growth rate in more than a year on Thursday.

Refinitiv’s five-star rating for James Hardiman (Wedbush analyst), has called Peloton’s “fall form grace” so fast that it is “fairly astounding”.

Peloton’s near-term sales visibility is clouded by slowing traffic online, a mix shift to the lower priced Bike, and slower adoption of Tread, another highly rated analyst Dana Telsey of Telsey Advisory Group said in a note.

Telsey lowered her rating for the stock from ‘outperform to’market performance’ but was positive about its future prospects as were other brokerages.

Credit Suisse Kaumil Gajirawala (SIX): Analyst Kaumil Gajrawala stated that Peloton’s linked fitness opportunity may still exist, however the way to reach it appears more difficult.

Gajrawala explained that Peloton needs to reconsider its strategy now, as the gyms appear to have regained their popularity and plan to offer digital content.

New York-based BMO announced plans to improve marketing spend in order to address falling sales. Simeon Siegel from BMO, however, was unsure if it would suffice.

Siegel stated that “there are many new entrants competing for mind and market share, and that suggests that increasing advertising dollars will likely be necessary but not sufficient.”

In early trading, shares of the home-fitness leader were down 33%. The shares have fallen 43% in the past year.