Peloton stationary bikes for sale at the company’s showroom in Dedham, Mass.

Adam Glanzman/Bloomberg

Peloton Interactive ‘s woes continued on Tuesday. Shares of the interactive fitness company fell to their lowest close since May 2020.

Peloton stock (ticker: PTON) fell 3.9% to close at $33.82, down nearly 80% from its closing high of $167.42 on Jan. 13, 2021, according to Dow Jones Market Data. The stock also set a 52-week low.

While the Omicron variant has prompted increased Covid-19 precautions in metropolitan areas like New York City, stocks such as Peloton that seemed to benefit from lockdowns haven’t seen a rebound.

Google search interest tracked by Sentieo shows the 13-week moving average for worldwide searches for Peloton was down 30% year over year as of Jan. 1. Interest peaked in the summer of 2020, as consumers were still flocking to Peloton’s interactive at-home exercise bikes.

Amid such signs of weakening demand trends, a slew of analysts have slashed expectations for Peloton stock. Last week, JMP Securities analyst Andrew Boon cut his rating to Market Perform from Market Outperform, arguing the pandemic pulled forward demand for Peloton’s bikes and treadmills.

Going forward, he suggested the company will need to tap into a pool of customers that are less enthusiastic about fitness than early adopters. That could raise customer acquisition costs down the road.

Corrections & amplifications: Sentieo tracks the 13-week moving average of worldwide Google searches for Peloton. A previous version of this article and chart said 13-day moving average. 

Write to Connor Smith at connor.smith@barrons.com