An activist is pushing Peloton to fire its chief executive and consider a sale as the stock plummets, according to people familiar with the matter.

Blackwells Capital, which owns less than 5 percent of Peloton, believes Peloton could be an attractive acquisition target for a large technology or fitness-focused company, the person said.

Blackwells believes Peloton is weaker today than it was before the pandemic. The company blamed most of the blame on Chief Executive John Foley, who is also chairman, according to the person, who requested anonymity to speak on private matters.

Spokespeople for Peloton and Blackwells did not immediately respond to CNBC’s request for comment. Foley also did not respond to a request for comment.

To be sure, Foley and other insiders own super-voting Class B shares, which gave them control of 80% of Peloton’s voting power on Sept. 30, according to a proxy filing. This means that other shareholders will need to be under enormous pressure to make any changes to the company.

Peloton’s stock is now trading below its September 2019 IPO price of $29. It closed at $27.06 on Friday, giving the company a market value of $8.8 billion. About a year ago, Peloton was valued at nearly $50 billion.

The Wall Street Journal first reported the news.

The story is developing. Please check for updates.