Owlet (NYSE:OWLT) Shares Down 8.7% – What’s Next?

Owlet, Inc. (NYSE:OWLT)’s share price fell 8.7% during mid-day trading on Wednesday . The company traded as low as $7.50 and last traded at $7.88. 1,035,586 shares traded hands during mid-day trading, an increase of 1,548% from the average session volume of 62,850 shares. The stock had previously closed at $8.63.

Wall Street Analyst Weigh In

Several analysts recently weighed in on OWLT shares. Wall Street Zen upgraded shares of Owlet from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Northland Securities set a $12.00 price objective on shares of Owlet in a research report on Wednesday, July 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Owlet in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Owlet currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.25.

Owlet Price Performance

The firm has a market capitalization of $134.58 million, a price-to-earnings ratio of -2.25 and a beta of 1.82. The firm has a 50 day moving average price of $7.97 and a 200-day moving average price of $6.76.

Institutional Trading of Owlet

Several hedge funds have recently modified their holdings of the stock. XTX Topco Ltd acquired a new stake in Owlet in the second quarter valued at $90,000. Goldman Sachs Group Inc. acquired a new stake in Owlet in the first quarter valued at $43,000. Virtu Financial LLC acquired a new stake in Owlet in the first quarter valued at $95,000. Marshall Wace LLP acquired a new stake in Owlet in the second quarter valued at $336,000. Finally, Archon Capital Management LLC acquired a new stake in Owlet in the second quarter valued at $442,000. 72.60% of the stock is currently owned by institutional investors and hedge funds.

About Owlet

Owlet, Inc provides digital parenting solutions in the United States and internationally. The company's platform focuses on giving real-time data and insights to parents. It offers Dream Sock, a wearable infant health monitor equipped with pulse oximetry technology to track vitals signs, such as pulse rate, oxygen, activity, and sleep patterns; BabySat which is intended for infants with heightened health risk; Owlet Cam, a monitoring device in smartphones that offers video and audio, predictive sleep insights, and cry detections; and accessories, including Owlet Sleeper, as well as Duo and Dream Duo that combines Smart Sock with the Owlet Cam.