NEW YORK (TheStreet) -- FitBit (FIT) - Get Report stock is further tumbling 3.58% to $23.43 on heavy volume in afternoon trading on Wednesday after the company revealed its new "Blaze" smartwatch at the Consumer Electronics Show yesterday.

The device is a fitness-oriented watch that can track heart rate, calories burned, steps and sleep, and will compete with similar products from Apple (AAPL), Garmin (GRMN) and Pebble. 

Fitbit shares tumbled following yesterday's product announcement as investors likely worry about the company's ability to compete with Apple and the lack of updates to existing Fitbit products such as "Charge" and "Charge HR," R.W. Baird said in a note, according to Barron's. 

Additionally, Under Armor (UA) has announced a $180 fitness band that will compete with Fitbit products, the firm points out, Barron's reported. The athletic apparel distributor "has the potential to be a significant disruptor in the space" due to its well-known brand and current fitness base.

"[Fitbit] is looking at a market everyone has decided is saturated," TheStreet's Jim Cramer said on CNBC's Squawk on the Street this morning. He mentioned that the stock was "raided" yesterday.

Fitbit is a San Francisco-based provider of health and fitness products.

About 8.27 million shares of Fitbit have been traded so far today, well above the company's average trading volume of roughly 6.2 million shares per day. 

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