Owlet (NYSE:OWLT) Trading 4.4% Higher – Still a Buy?

Owlet, Inc. (NYSE:OWLT)’s share price rose 4.4% during trading on Wednesday . The stock traded as high as $11.90 and last traded at $11.7730. Approximately 212,414 shares changed hands during mid-day trading, an increase of 7% from the average daily volume of 198,882 shares. The stock had previously closed at $11.28.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OWLT. William Blair assumed coverage on Owlet in a report on Tuesday, December 9th. They set an “outperform” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Owlet in a research report on Thursday, January 22nd. TD Cowen reaffirmed a “buy” rating on shares of Owlet in a report on Thursday, January 8th. Northland Securities set a $20.00 target price on shares of Owlet and gave the stock an “outperform” rating in a research note on Tuesday, December 30th. Finally, Zacks Research raised shares of Owlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 19th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Owlet presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Owlet Trading Up 4.4%

The company’s 50 day simple moving average is $13.35 and its 200-day simple moving average is $10.87. The firm has a market cap of $201.08 million, a P/E ratio of -3.99 and a beta of 1.77.

Insiders Place Their Bets

In related news, CEO Jonathan Harris sold 2,311 shares of the stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $13.33, for a total transaction of $30,805.63. Following the transaction, the chief executive officer owned 264,396 shares in the company, valued at $3,524,398.68. This represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 52.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Owlet

Several hedge funds and other institutional investors have recently modified their holdings of OWLT. Informed Momentum Co LLC grew its holdings in shares of Owlet by 1.6% in the fourth quarter. Informed Momentum Co LLC now owns 112,893 shares of the company’s stock worth $1,828,000 after acquiring an additional 1,737 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Owlet in the fourth quarter worth about $60,000. Harbor Capital Advisors Inc. boosted its position in Owlet by 3.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 121,741 shares of the company’s stock worth $1,971,000 after purchasing an additional 4,160 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Owlet by 6,517.7% during the 3rd quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock valued at $44,000 after purchasing an additional 5,149 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of Owlet during the 2nd quarter valued at about $90,000. 72.60% of the stock is owned by institutional investors.

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.