The most recent in a series of negative research notes pushed Fitbit (FIT) - Get Report shares to a 52-week low of $7.05 during the Thursday session.

Market players are concerned that the company's holiday sales weren't all that was hoped for. The stock traded as high as $19.34 in January of last year.

Fitbit has not provided revised guidance and is not releasing quarterly results until sometime in February.

The Thursday drop came after a research note from Longbow Research said the wearable market is saturated, but it was one of several reports questioning inventories, including one from Cleveland Research in October, one from Pacific Crest in November and another from Wedbush Morgan last week. Pacific had downgraded the stock in September, upgrading its sector weight rating in November and then questioning its inventory in December.

The company's own holiday sales forecast in November caused the stock to lose 33% of its value on Nov. 3.

"The fourth quarter sell-in might be okay," Wedbush analyst Nick McKay said. "The bigger issue is reorders in 2017."

McKay said that there appeared to be a holiday oversupply of Charge 2 units, while supply of the Flex 2 was not keeping up with demand.

"We are maintaining our Neutral rating on Fitbit shares, but lowering our 12-month price target per share to $8.50 from $10," McKay wrote in his Jan. 13 note.

"Our revised price target reflects roughly 0.6x our 2017 revenue estimate, down from roughly 0.7x previously, which we believe is warranted given that our in-store channel checks over the holiday period suggested that demand softness may have continued through Q4," the note said.

McKay told TheStreet that markets are waiting for the release of the recent quarter's numbers and that announcements of new products could stimulate investor interest. The company did not introduce anything new at CES, the consumer electronics and technology conference in Las Vegas this month.