Wall Street Zen Downgrades Owlet (NYSE:OWLT) to Sell

Owlet (NYSE:OWLT) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Other equities research analysts have also recently issued reports about the company. Northland Securities set a $20.00 price objective on Owlet and gave the company an “outperform” rating in a research note on Tuesday, December 30th. TD Cowen reissued a “buy” rating on shares of Owlet in a research note on Friday, March 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Owlet in a report on Thursday, January 22nd. William Blair began coverage on Owlet in a research report on Tuesday, December 9th. They issued an “outperform” rating for the company. Finally, Zacks Research cut shares of Owlet from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.00.

Owlet Stock Performance

Shares of OWLT stock opened at $5.57 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 1.85. The firm has a market cap of $95.15 million, a P/E ratio of -2.06 and a beta of 1.77. The firm’s 50 day moving average price is $11.85 and its 200-day moving average price is $10.95. Owlet has a one year low of $2.75 and a one year high of $16.94.

Owlet (NYSE:OWLT) last posted its earnings results on Thursday, March 5th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.10. The company had revenue of $26.55 million during the quarter, compared to analyst estimates of $26.01 million. As a group, equities research analysts predict that Owlet will post -0.76 EPS for the current year.

Insider Activity

In related news, CEO Jonathan Harris sold 2,311 shares of Owlet stock in a transaction on 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 transaction, the chief executive officer directly owned 264,396 shares in the company, valued at approximately $3,524,398.68. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 52.20% of the company’s stock.

Institutional Investors Weigh In On Owlet

Hedge funds have recently bought and sold shares of the stock. Eclipse Operations LLC purchased a new position in shares of Owlet in the 4th quarter valued at about $124,677,000. AWM Investment Company Inc. acquired a new position in shares of Owlet during the fourth quarter worth about $28,304,000. Granahan Investment Management LLC increased its stake in shares of Owlet by 34.7% during the fourth quarter. Granahan Investment Management LLC now owns 686,749 shares of the company’s stock worth $11,118,000 after buying an additional 176,845 shares during the period. Next Century Growth Investors LLC increased its stake in shares of Owlet by 18.4% during the fourth quarter. Next Century Growth Investors LLC now owns 484,908 shares of the company’s stock worth $7,851,000 after buying an additional 75,408 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Owlet by 86.3% in the third quarter. Vanguard Group Inc. now owns 389,840 shares of the company’s stock valued at $3,302,000 after acquiring an additional 180,619 shares in the last quarter. 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.