Garmin Ltd. (NASDAQ: GRMN) is releasing a product that it hopes will put it back on the map. It is no secret that Garmin shareholders have been unimpressed — after all the shares are close to a 52-week low and the market is close to the all-time high. Now the company is looking to dogs for the next revenue boost. 24/7 Wall St. wonders if this can make a dent in the company’s fortunes.

Garmin announced the new PRO Control 2 handheld device, designed for serious sporting dog trainers, field trialers and hunt testers. This new device will allow for the reliable and consistent control of launchers, releasers and other accessory items.

Garmin hopes to invigorate its performance with the release of this new product. Note that previously this company was front and center in the spotlight. However, in recent years Garmin has moved backstage.

One of the driving forces for this move was stagnant revenues. In 2014, 2013 and 2012, revenue was $2.87 billion, $2.63 billion and $2.72 billion, respectively. Overall, this is relatively flat.

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Back to the product. According to the company:

The PRO Control 2 is the latest innovation in Garmin’s growing outdoor segment, which focuses on developing technologies to enhance users’ outdoor experiences and their relationships with their canine companions. Whether it’s handhelds, wearables, action cameras, or dog training systems, Garmin devices are essential tools for outdoor enthusiasts of all levels.

Dan Bartel, Garmin’s vice president of worldwide sales, said:

With the new PRO Control 2, avid trainers have a device that builds on the proven reliability that Tri-Tronics has been known for. Best of all, this handheld is completely functional with legacy Tri-Tronics Pro Control receivers.

As shares of Garmin approach a 52-week low, the short interest for the company came in at its second-lowest reading for the past year. Some 15.8 million shares were short, with 8.8 days to cover, up from the previous reading of 15.1 million with 5.0 days to cover.

Looking at the forward P/E ratio for 2015, Garmin is relatively cheap with its ratio coming in right at 15.

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Garmin received a couple recent downgrades from key brokerage firms:

• Citigroup downgraded Garmin from a Buy rating to Sell and lowered its price target to $42 from $68.
• Goldman Sachs downgraded the stock to Neutral from Buy and dropped its price target to $54 from $63.

Shares of Garmin dropped after the opening bell on Thursday but quickly recovered $46.51, essentially flat, in a 52-week trading range of $44.57 to $62.05. The stock has a consensus analyst price target of $54.36. Garmin has a market cap of nearly $9 billion.

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