The Simple Reason Why I Won't Buy Fitbit, Inc. Stock

For a while, Fitbit Inc. (NYSE: FIT) dominated the wearable tech space, and the company seemed like a no-brainer of a tech investment because of its strong unit sales, enviable wearable tech market share, and strong product lineup. But the tide has turned against Fitbit lately, and I think there's a serious concern for investors who are still betting on the stock.

Specifically, Fitbit is facing too much pressure in the high-end wearable market from Apple (NASDAQ: AAPL) and is fighting off additional competition at the low end of the market from Xiaomi and other makers of inexpensive wearables.

Image source: Fitbit.

Source: Fool.com