Peloton Interactive Inc.'s stock price tumbled more than 50% in the last three months of 2021 but several prominent investment firms were so sure the at-home fitness company could regain its footing that they bought new or added to existing positions.

Durable Capital Partners, run by former T. Rowe Price investment executive Henry Ellenbogen, bought 5.4 million shares of the company known for its stationary bikes, treadmills and on demand classes, according to regulatory filings made on Monday.

Ricky Sandler's Eminence Capital bought 2.6 million shares. Scott Ferguson's Sachem Head Capital Management took a new stake with 1.6 million shares, the filings showed.

The 13-F filings require fund managers to detail the amount of stock they held in U.S. companies at the end of the previous quarter. While the filings are backward looking, they are watched closely for possible investment trends.

Tiger Global Management, already a Peloton investor, bought another 3 million shares, increasing its investment by 41% and Baillie Gifford, Peloton's largest shareholder, added another 3.4 million shares, raising its stake by 12%, the filings show.

Coatue Management is among those that cut their position in the fourth quarter, selling 3.7 million shares and slicing its holding by 89%, the filings showed.

It was unclear when investors bought. On Dec. 31, the last day of the quarter, Peloton traded at $35.76, down significantly from where it started the quarter at $86.71.

Since then Peleton shares have slid further. They traded at $32.63 on Monday. The company 's value has tumbled to $11.5 billion far from its peak of $50 billion.

Activist investment firm Blackwells Capital last month began suggesting the company sell itself. Some potential buyers appear to have been speaking with bankers even as Peloton signaled it was not for sale.

While Peloton became a pandemic-era darling, its fortunes began fading due to supply chain issues, slowing sales as gyms opened up again, high costs and a recall of one of its products.

Last week the company said John Foley, a co-founder and its chief executive, was moved into the executive chairman role and replaced as CEO by Barry McCarthy, a former finance chief at Netflix and Spotify.

Wall Street analysts generally welcomed McCarthy, but the share price remains depressed.