The sporting apparel company’s stock price took a huge hit Tuesday after releasing a disappointing earnings report and adjusting its 2017 guidance down. Shares of Under Armour crashed more than 20%, falling to $19.66 in midday trading.

To date this year, Under Armour (UAA) is the second-worst performing stock in the S&P 500. Combine that with the 30% tumble that shares of the company took in 2016, and the picture doesn’t appear so good. Looking at the athletic performance landscape, times have been tough for most of the players. With sporting apparel retailers like The Sports Authority and City Sports recently going out of business, as well as Finish Line (FINL) shuttering hundreds of stores, Under Armour has had trouble getting enough of its merchandise out onto store shelves. Even shares of Nike, the Goliath of the athletic apparel industry, took a bath last year, posting a 23% drop, the worst performance of any Dow Jones stock, though its stock price has been on an upward trend so far this year.

Given the current state of the industry, Under Armour’s lowered price does not seem to be aberrant. Shares are around 58% below their high of $46.53 from late April. Even so, they may not be a bargain for investors. Even after the drop Under Armour’s shares have a price-to-earnings of 43, based on the past 12 months of reported earnings.

What’s more, the company has lowered its guidance down to $320 million in operating income for the rest of the year. Add to that, announced that CFO Chip Molloy will step down for “personal reasons” after a little more than a year. It certainly seems as if Under Armour is and will be in a tough spot for the foreseeable future.