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Time to dump Apple?

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Shares of Apple declined this week to their lowest level since January on questions about the company's ability to keep outperforming and fears its growth in China could slow.

Two leading investors told CNBC's Power Lunch why they are bearish on Apple right now.

Hedge fund manager Charles Trafton, managing director at Flowpoint Capital, sold all of his Apple shares last spring, citing rising volatility and deep risks for wearables.

"Interest has faded. Unless the Apple watch tells me what time oil prices stop going down,Wall Street doesn't have any interest in it. The venture capital industry wanted us to believe wearables was the next big thing. I doubt that."

Although as a risk-reward investor, Trafton doesn't rule out buying Apple again in the future.

"At ten times earnings, Apple may work out. But right now,with Apple trading at three percent volatility, while the S&P is about one percent, it's just too high right now."

Read MoreApple exec: China market a strength not a drag

Matrix Asset Advisors chief investment officer, David Katz, is also bearish on Apple

"Despite a powerful franchise and great balance sheet, we don't have enough conviction in short term trends to recommend."

In the most recent quarter, Apple's revenue rose 32.5 percent to $49.61 billion in the most recent quarter, from a year earlier, beating Wall Street expectations of $49.43 billion.

CNBC's Brenda Hentschel contributed to this article