Owlet (NYSE:OWLT) Rating Lowered to “Hold” at Wall Street Zen

Owlet (NYSE:OWLT) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Friday.

Other equities analysts have also issued research reports about the stock. Northland Securities set a $20.00 price objective on shares of Owlet and gave the stock an “outperform” rating in a report on Tuesday, December 30th. TD Cowen reaffirmed a “buy” rating on shares of Owlet in a research report on Thursday, January 8th. Zacks Research raised Owlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 19th. William Blair assumed coverage on Owlet in a report on Tuesday, December 9th. They set an “outperform” rating on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Owlet in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Owlet presently has an average rating of “Moderate Buy” and a consensus target price of $14.25.

Owlet Stock Performance

Owlet stock opened at $12.93 on Friday. The firm has a market capitalization of $220.91 million, a PE ratio of -4.38 and a beta of 1.78. Owlet has a one year low of $2.75 and a one year high of $16.94. The stock’s 50 day moving average price is $14.06 and its 200 day moving average price is $10.29.

Owlet (NYSE:OWLT) last posted its quarterly earnings data on Thursday, November 13th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.26. The firm had revenue of $31.99 million for the quarter, compared to analysts’ expectations of $26.00 million. On average, analysts forecast that Owlet will post -0.76 earnings per share for the current fiscal year.

Insider Transactions at Owlet

In related news, CEO Jonathan Harris sold 2,311 shares of the stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $13.33, for a total value of $30,805.63. Following the completion of the sale, the chief executive officer directly owned 264,396 shares of the company’s stock, valued at approximately $3,524,398.68. This represents a 0.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 52.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OWLT. Goldman Sachs Group Inc. bought a new position in Owlet in the 1st quarter valued at $43,000. Bank of America Corp DE increased its stake in shares of Owlet by 6,517.7% in the 3rd quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock valued at $44,000 after acquiring an additional 5,149 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Owlet in the 4th quarter valued at $60,000. XTX Topco Ltd acquired a new stake in shares of Owlet during the second quarter worth about $90,000. Finally, Marshall Wace LLP acquired a new stake in Owlet during the 2nd quarter worth approximately $336,000. Institutional investors and hedge funds own 72.60% of the company’s stock.

About Owlet

Owlet Baby Care, Inc is a consumer health technology company specializing in the design and manufacture of smart baby monitoring products. The company’s flagship device, the Owlet Smart Sock, is a wearable monitor that tracks a newborn’s heart rate and oxygen saturation levels and transmits real-time data to a mobile app. Owlet has since expanded its product suite to include the Owlet Cam, an HD video monitor with audio and motion alerts, and the Dream Sock, a non-wearable device that collects sleep metrics to help parents understand and improve their baby’s rest patterns.

Founded in 2013 by engineer and father Kurt Workman, Owlet is headquartered in Lehi, Utah.