Fitbit

Fitbit Inc. desperately needs a hit.

The company unveiled its first smartwatch on Monday, hoping that the health-focused features of the device will reverse the hardware maker’s declining influence in the wearables market.

The smartwatch, called the Fitbit Ionic, costs $299.95. It has a square touchscreen similar to the one on the Apple Watch. It includes a heart-rate monitor, GPS tracking and four-day battery life. The watch, which is water resistant up to 50 meters, can make wireless payments and store music offline from Pandora Media Inc.

Fitbit recently lost its position as the top seller of wearable devices, falling behind Apple Inc. and China’s Xiaomi Corp. Since going public two years ago to much fanfare, the novelty of its wrist-worn devices have waned with investors.

Shares rose 6.5 percent to $6.10, the highest level in more than three months. It’s down about 70 percent from the $20 IPO price, as consumer tastes have evolved to favor products with more functions and third-party apps.

“Demonstration of consumer acceptance of the product is going to be very important for the stock: investors are very focused on their ability to stabilize,” said Jim Duffy, an analyst at Stifel Nicolaus & Co.

The smartwatch is the company’s first device to include a sensor that can estimate blood oxygen levels, called a relative SpO2 sensor. The Ionic will be pre-loaded with the apps for weather, payments, fitness, Starbucks Corp. and Pandora.