Owlet (NYSE:OWLT) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Owlet (NYSE:OWLT) from a hold rating to a sell rating in a research report released on Saturday morning.

Several other research firms have also weighed in on OWLT. William Blair assumed coverage on shares of Owlet in a report on Tuesday, December 9th. They set an “outperform” rating for the company. Northland Securities set a $20.00 price target on shares of Owlet and gave the stock an “outperform” rating in a report on Tuesday, December 30th. TD Cowen restated a “buy” rating on shares of Owlet in a research report on Friday, March 6th. Zacks Research cut shares of Owlet from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Owlet in a research report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Owlet has a consensus rating of “Hold” and a consensus price target of $20.00.

Owlet Stock Down 1.1%

Shares of OWLT opened at $5.51 on Friday. The company has a market capitalization of $94.11 million, a price-to-earnings ratio of -2.03 and a beta of 1.77. Owlet has a 52 week low of $2.75 and a 52 week high of $16.94. The stock’s 50-day moving average price is $11.63 and its 200-day moving average price is $10.99. The company has a quick ratio of 1.51, a current ratio of 1.85 and a debt-to-equity ratio of 0.13.

Owlet (NYSE:OWLT) last announced its quarterly 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 for the quarter, compared to analysts’ expectations of $26.01 million. On average, sell-side analysts predict that Owlet will post -0.76 EPS for the current year.

Insider Buying and Selling at Owlet

In other news, CEO Jonathan Harris sold 2,311 shares of the stock in a transaction that occurred on Tuesday, January 20th. The stock was 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 trade represents a 0.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 52.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Owlet

A number of large investors have recently added to or reduced their stakes in the stock. Occudo Quantitative Strategies LP acquired a new position in Owlet during the fourth quarter worth $276,000. Millennium Management LLC acquired a new stake in shares of Owlet in the fourth quarter valued at about $591,000. Manatuck Hill Partners LLC purchased a new stake in shares of Owlet during the fourth quarter worth about $1,619,000. Engineers Gate Manager LP purchased a new stake in shares of Owlet during the fourth quarter worth about $246,000. Finally, Bridgeway Capital Management LLC raised its position in shares of Owlet by 182.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 63,678 shares of the company’s stock worth $1,031,000 after purchasing an additional 41,115 shares during the last quarter. 72.60% of the stock is currently owned by institutional investors and hedge funds.

Owlet Company Profile

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.