By Svea Herbst-Bayliss

BOSTON, (Reuters) — Peloton Internaitve (NASDAQ:) Inc stock fell by more than half in three months. However, prominent investment houses were convinced that Inc would regain its footing and bought additional positions.

According to Monday’s regulatory filings, Durable Capital Partners was founded by Henry Ellenbogen (ex-T. Rowe Price Investment Executive), and bought 5.4 millions shares of the company, which is known for making stationary bikes, treadmills, and other on demand classes.

Eminence Capital purchased 2.6 million shares from Ricky Sandler. According to the filings, Scott Ferguson’s Sachem Head Capital Management purchased a new stake in the company with 1.6 millions shares.

Fund managers must report the stock held by U.S. companies in their 13-F filings. Although the filings do not look backward, investors will be closely watching them for investment trends.

Tiger Global Management purchased 3 million additional shares as a Peloton shareholder. Baillie Gefford, Peloton’s largest shareholder, also bought an additional 3.4 million shares. This increase in investment was 12%. The filings reveal.

The filings show that Coatue Management was among the ones to reduce their share of the stock market in the fourth quarter. It sold 3.7 million shares, and cut its holdings by 89%.

The date investors purchased Peloton was not clear. Peloton was trading at $35.76 on Dec. 31st, the final day of the quarter. This is a significant drop from $86.71 at the beginning.

Peleton shares dropped further in the following months. The shares traded Monday at $32.63. This company’s stock value fell to $11.5billion, far below its peak of $50billion.

Blackwells Capital, an activist investment group, suggested that the company be sold last month. Peloton indicated that it wasn’t up for sale, but potential buyers were still in contact with banks.

Peloton was a darling of the pandemic era, but its fortunes started to fade due to problems in supply chains, slow sales, increased costs, and recalls of some of its products.

John Foley was a cofounder of the company and served as its chief executive. He was replaced last week by Barry McCarthy who is a former chief financial officer at Netflix (NASDAQ) and Spotify.

Wall Street analysts generally liked McCarthy. However, the share price remains low.