On Wednesday, shares of fitness-tracking device maker Fitbit Inc. are falling, down over 4.5% in late morning trading after analysts at Pacific Crest said that demand for the Alta and Blaze fitness trackers is declining. The firm maintained a “Sector Weight” rating on FIT stock.

As a result, analysts lowered their fiscal 2016 third quarter earnings estimate to $0.16 per share, down from $0.20 per share. Q3 revenue is now expected to be $482 million, significantly down from previous estimates of $514.9 million for the quarter.

According to note released before the market opened today, Pacific Crest analysts explained that "While Charge HR demand held relatively steady through dads and grads, we found volumes for Alta and Blaze ticked down versus our findings over the past few months while days of inventory went up to over 14 days overall from nine days last month.”

"Given the run rates in our checks along with reacceleration being unlikely through the summer, we are lowering our Q3 unit, revenue and EPS estimates," the analysts continued.

Currently, Fitbit sits at a #3 (Hold) on the Zacks Rank.

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