Jefferson Graham and Brett Molina

USA TODAY

LAS VEGAS — Fitbit is taking on the Apple Watch. But has it gone far enough?

The No. 1 wearable tracker company took the wraps off its new smartwatch at the Consumer Electronics Show Tuesday. The Blaze, available in March for $199.99, is aimed at the fitness market, including instructions for on-screen workouts, connection to a phone's GPS to deliver real-time exercise stats, and heart-rate tracking.

Fitbit CEO James Park called it “more motivating, smarter and more stylish than ever before.”

The large touchscreen watchface will also deliver some of the notifications Apple Watch users like, such as text notifications, and it trumps its rival with a five-day battery life. But don’t expect to use the Blaze as a phone, or to view your Instagram photos.

This narrower design was no fluke.

"We think of it as a smart watch, but it's main focus is fitness first," Park told USA TODAY. "It won't overwhelm users. This is a classic case of less is more."

Investors were far more skeptical. Shares in the San Francisco-based company (FIT) ended the day down 18% at $24.30, their lowest price since the stock started trading in June after pricing at $20.

Driving the price of Fitbit shares is the belief Blaze isn’t as fully-featured as rival devices such as the Apple Watch, says S&P Capital IQ analyst Angelo Zino.

“We believe the price point may prove to be too high for a device that will not offer access to third-party apps, unlike other smartwatches,” he says.

The Blaze does offer some advantages, Zino says, including more enhanced fitness features and stronger battery life. But Zino believes Fitbit “should focus on the sub-$100 category and opportunities within the wellness area” instead of higher-priced wearables.

Apple has targeted fitness as well, along with productivity apps and notifications, with its Apple Watch, whose prices start at $350.

Leerink Research analyst Steven Wardell says the Blaze's lower price should attract the fitness consumer, and may even trigger a new upgrade cycle. But investors may have been disappointed as they stack up the watch's features with Apple Watch.

Also missing: no new sensor technology. "Many believed that FIT would include a killer new sensor to detect sweat, sunlight, or something else, since last year continuous heart rate monitoring was introduced. This is likely disappointing to some investors," Wardell wrote in a report.

Its focus on fitness has paid off in the past. Fitbit has been ranked as the no. 1 firm for wearables, outselling Apple. The company has shipped over 30 million units to date.

Follow Jefferson Graham on Twitter: @jeffersongraham.