Peloton is trading under $5 after dropping about 28% this year. They just reported fiscal Q2 earnings and missed estimates on both top and bottom lines. Revenue came in at $656.5M, which is down 3% year-over-year, and they posted a loss of 9 cents per share. Guidance for the next quarter was also weak. They expect revenue between $605M and $625M, and subscriber count is projected to drop 8% compared to last year. On top of that, the CFO announced she is leaving the company, which added to the negative sentiment. There are some positives in the report. Hedge fund manager David Einhorn has been buying the dip. The company raised its full-year EBITDA guidance and has cut net debt by over half in the last year. They are currently generating free cash flow and the stock is trading at less than 1x sales.