An activist is pushing Peloton to fire its chief executive officer and consider a sale as its share price has plummeted, according to a person familiar with the matter.

Blackwells Capital, which has a stake of less than 5% in Peloton, believes Peloton could be an attractive acquisition target for larger technology or fitness-oriented companies, the person said.

Blackwells is arguing that Peloton is weaker today than before the pandemic. The firm places much of the blame on CEO John Foley, who is also chairman, according to the person, who requested anonymity to speak on the private matter.

Spokespeople for Peloton and Blackwells didn’t immediately respond to CNBC’s requests for comment. Foley also didn’t return a request for comment.

To be sure, Foley and other insiders have super-voting Class B shares, which gave them control over 80% of Peloton’s voting power as of Sept. 30, according to a proxy filing. That means it would take significant pressure from other shareholders to make any change at the company.

Peloton’s stock is now trading below its September 2019 initial public offering price of $29. It closed Friday at $27.06, giving the company a market cap of $8.8 billion. Roughly a year ago, Peloton’s market value topped out at nearly $50 billion.

The Wall Street Journal first reported on the news.

This story is developing. Please check back for updates.