New York (CNN Business) Peloton may have bigger problems than the public relations fallout from the controversial ad that became a meme. Short-seller Citron Research said Tuesday it expects the stock to plunge nearly 85% to just $5 a share.

Peloton PTON GoPro GPRO Fitbit FIT Citron said in the report , titled "Investors Peddling Themselves into Frenzy," thatis reminiscent ofand

Those two companies were once market leaders in their respective categories of wearable action cameras and fitness trackers. But an onslaught of competition hurt their sales and profits and proved that they were just one-trick ponies.

Google GOOGL Fitbit is now in the process of selling itself tofor about $2.1 billion, or $7.35 a share. That's about 85% below the stock's peak price in August 2015, shortly after its initial public offering.

Citron said when you dig deeper into Peloton's business model, there is nothing that stands out and makes them unique enough to be immune from competitive threats.

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