Apple shares have struggled lately, as some of the most influential or the wealthiest investors, also known as "whales," have cut their stake in the technology company or simply sold all shares outright.
Julian Robertson's Tiger Management recently dumped its entire stake in the company, according to an SEC filing. At the end of last year, Tiger held 42,125 shares of Apple. Intensifying the blow, David Tepper of Appaloosa Management cut his stake in the Cupertino, Calif.-based tech giant by about 40 percent.
Apple's stock suffered a sharp 3-percent decline on the news Wednesday, only to recover some of its losses on Thursday, ending up more than 1 percent at $434 a share.
It seems the convention wisdom on Wall Street, though, is that the stock has yet to bottom.
To Citigroup's Glen Yeung, the iPhone and iPad maker faces several headwinds. Chief among them, Yeung said, is that consumers are bombarded with many smartphone options—the iPhone is no longer the only game in town. And it seems unlikely that the next generation iPhone will turn things around for the company, he said.
"If iPhone 5 couldn't save the day, it would surprise us if an iPhone 5S going to be able to do that," Yeung told CNBC's "Fast Money Halftime Report. "The market for smartphones in North America, Japan, South Korea – these markets are saturated now in terms of smartphones and you can bring out a new phone, but the reality is the market doesn't want or need one."
David Trainer, CEO of stock research firm New Constructs, doesn't have high hopes for the iPhone 5S either.
"I'd rather not bet on someone being able to revolutionize an industry again—you know, it's something that they've done once," Trainer said Wednesday on CNBC's "Squawk on the Street." "They will always be an American icon for what they brought to us, but the competition is stiff."
Looking forward, Yeung thinks Apple's stock could move 10 percent either way. Professional trader Stephen Weiss of Short Hills Capital agreed the stock is range bound until "something breaks" causing it to move either up or down.
Pro trader Pete Najarian, on the other hand, is sticking with Apple. The tradeMONSTER.com co-founder thinks the next generation iPhone would, in fact, push the stock higher.
Disclosure: Pete Najarian is long AAPL.