Blackwells Capital, a Peloton activist, renews its call for a sale of the company and takes issue with the new CEO.

• According to Blackwells, Peloton has not made significant advancements under new CEO Barry McCarthy.
• Two months after John Foley stepped down as CEO and became executive chairman, McCarthy, a former Netflix and Spotify executive, assumed the role of CEO at Peloton.
• Blackwells' chief investment officer stated that shareholders are now in a worse financial position than before.

Blackwells Capital is again urging Peloton to consider a sale, stating that the company has not made significant progress under new CEO Barry McCarthy, as per a new presentation obtained by CNBC.

Blackwells argues that Peloton's strong brand, exclusive technology, motivating fitness instructors, and devoted subscriber base can be transformed into an even more appealing business, despite having only a less than 5% stake in the company.

The firm stated that it is difficult to bring about change in the public markets because John Foley, the founder and former CEO of Peloton, retains control through his super-voting shares.

Despite being down approximately 30% year to date, Peloton shares ended Wednesday with a 5.5% gain.

Peloton experienced a decline in demand for its bikes and treadmills, resulting in a decrease in profits. In response, the company announced plans to lay off approximately 2,800 employees and cut annual costs by roughly $800 million. This change occurred two months after Foley moved to the executive chairman role and McCarthy took over as CEO.

Since John Foley's promotion to Executive Chairman and Barry McCarthy's retirement to become CEO, two months have passed. Despite this, Jason Aintabi, Blackwells' chief investment officer, stated that shareholders are now in a worse financial position than before.

Foley is being urged by Blackwells to acknowledge his own limitations and promptly abolish the dual-class voting system, as stated by Aintabi.

Blackwells believes that Peloton cannot be controlled by an executive chairman who appears to be under extreme duress and will pursue all remedies available to it and to all shareholders.

The Financial Times first reported on the Blackwells presentation.

Neither Peloton nor Foley provided a comment when CNBC requested one.

In late January, Blackwells targeted Peloton following a series of CNBC reports, including one that the company enlisted McKinsey & Co. to explore cost-saving measures across its operations and another that Peloton intended to temporarily halt production of certain items as demand plummeted.

At the time, Blackwells believed that Peloton could be an appealing acquisition target for larger technology or fitness-oriented companies, such as Apple or Google.

McCarthy has been transparent about his plans to revive the company instead of seeking a quick sale. In a company-wide email in February, he stated his commitment to the company's resurgence.

Peloton has already hired a new supply chain chief and is testing a new pricing system under McCarthy's leadership. This has sparked speculation that the CEO could shift Peloton's focus towards recurring subscription revenue over hardware sales due to his background with membership-based businesses.

Peloton's cost-cutting measures won't be enough, according to Blackwells, who believes a more significant restructuring is necessary.

The activist stated in its presentation that Peloton could obtain a takeover price now, which would take years to achieve as a standalone company, and listed Netflix and as potential acquirers.