Forerunner 165 showing low heart rate during mid-high intensity bike ride

I just picked up a forerunner 165 and during a fairly intense stationary bike ride it would show a heart rate of 80-100. A few times it climbed to 115~ but then it would settle back down to the sub 100 range. My cardio is decent, but I know for a fact my heart rate is considerably higher than what is being shown. I made sure my watch is snug, above my wrist, and I reset it because I read it may help but still no “real” reading. 

Is this something an update could fix that I may not have downloaded yet? I’m not expecting this to be 100% accurate but if it’s going to show my heart rate barely elevated above a walking pace while I’m sweating on an hour long cardio set I’m not sure I see the purpose and may end up returning it.