As money managers take more extreme stakes in Apple, the stock could retest the $435 level, Dan Nathan of RiskReversal.com said Thursday.
Ahead of Apple's annual shareholder meeting on Feb. 27, Nathan did not sound like a buyer.
"I think the stock has problems here," he said. "Anything short of an accelerated buyback or some big dividend raise or something like that, I think the stock is going to retest that $435 level. There are no product catalysts in the first half of the year."
Nathan's comments on CNBC's "Fast Money" comes after disclosures that activist investor David Einhorn's Greenlight Capital increased its stake in Apple by 45 percent to 1.6 million shares and bought call options, according to recent filings with the Securities and Exchange Commission.
Meanwhile, Dan Loeb's Third Point sold its entire stake in Apple, joining Omega Advisor's Leon Cooperman in exiting the trade.
(Read More: Leon Cooperman Sells Apple Stake, Buys Facebook)
Brian Kelly of Shelter Harbor Capital said that Apple's typical buyer was changing to a "less aggressive investor."
"In terms of Apple, I think you're still looking at a stock whose shareholder base is turning over," he said. "It's not going to be the same stock that it was six months or a year ago. You're not going to have those rapid runs, in my view. Great company, but it's not the same stock. You have different buyers in there."
Trader disclosure: On Feb. 14, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Dan Nathan is long BBRY MARCH APR 14 PUT SPREAD; Dan Nathan is short QQQ; Dan Nathan is short SPY; Dan Nathan is long SPY Feb 1219 puts; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long WLP; Karen Finerman is short SPY; Karen Finerman is short IWM; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long GOOG; Steve Grasso is long GDX; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long VLO.
