Fitbit unveiled its new Blaze smartwatch on January 5, Tuesday at the Consumer Electronics Show (CES) Press Day in Las Vegas, Nevada. The company is taking on Apple Watch with a smart watch that reportedly features a five-day battery life on a single charge. However, the California-based company's stock prices dropped over 18 percent to an all-time low after the new wearable's introduction, suggesting investors were concerned about Fitbit taking on leading smartwatch makers.

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Fitbit's stock price closed to its lowest point since the company went public in 2015. It closed at $24.27.

The new Fitbit smartwatch tracks the wearer's heart rate, calories burned, and steps taken, according to Yahoo Finance. However investors and tech experts have a few major concerns about the new Fitbit smartwatch. They include the device's $199 price tag, and lacking access to third-party apps, according to MarketWatch.

Barron's reported that investors were probably looking for upgrades of the company's fitness trackers. They include the Charge and Charge HR wearables.

Fitbit CEO James Park described Blaze as a "smart fitness watch." Meanwhile, Chief Business Officer Edward Scal explained that a tool rather than a toy is needed to maximize workout sessions.

   However, Forrester Research analyst Julie Ask explained that investors are questioning what Fitbit's competitive edge is. Meanwhile, S&P Capital IQ analyst Angelo Zino argued that Fitbit should focus on wellness products with a price tag under $100.

FBR Capital Markets analyst Daniel Ives pointed out that Fitbit's new device is the company's biggest step in taking on rivals such as Apple. However, the big move includes some risks entering the smartwatch market. It is a "boxing match" between Fitbit and Apple.   

Fitbit was founded in 2007. The company was first traded on the New York Stock Exchange in June 2015. 

Here is a first look at Fitbit Blaze: