Owlet (NYSE:OWLT) Upgraded by Wall Street Zen to “Sell” Rating

Wall Street Zen upgraded shares of Owlet (NYSE:OWLT) from a strong sell rating to a sell rating in a report released on Sunday.

A number of other research analysts have also recently commented on the company. Weiss Ratings cut Owlet from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Zacks Research cut Owlet from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Finally, TD Cowen restated a “buy” rating on shares of Owlet in a research note on Friday, March 6th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $20.00.

Owlet Trading Down 0.6%

OWLT opened at $5.71 on Friday. Owlet has a one year low of $4.19 and a one year high of $16.94. The stock has a market capitalization of $160.71 million, a PE ratio of -1.86 and a beta of 1.84. The business’s 50 day moving average price is $6.25 and its 200 day moving average price is $10.26. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.51 and a current ratio of 1.85.

Owlet (NYSE:OWLT) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.09. The firm had revenue of $22.50 million for the quarter, compared to analyst estimates of $20.84 million. As a group, equities research analysts expect that Owlet will post -0.63 EPS for the current year.

Insider Buying and Selling at Owlet

In other news, CEO Jonathan Harris sold 12,676 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $11.50, for a total value of $145,774.00. Following the sale, the chief executive officer directly owned 339,336 shares in the company, valued at approximately $3,902,364. This trade represents a 3.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Amanda Crawford sold 6,892 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $11.50, for a total value of $79,258.00. Following the completion of the sale, the chief financial officer owned 212,800 shares in the company, valued at approximately $2,447,200. The trade was a 3.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 23,108 shares of company stock worth $262,733. Insiders own 52.20% of the company’s stock.

Institutional Trading of Owlet

Several hedge funds have recently modified their holdings of OWLT. Goldman Sachs Group Inc. acquired a new stake in shares of Owlet in the first quarter valued at $43,000. Bank of America Corp DE raised its stake in shares of Owlet by 6,517.7% in the third 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 in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Owlet in the fourth quarter valued at $60,000. XTX Topco Ltd purchased a new position in Owlet in the second quarter valued at $90,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in Owlet in the fourth quarter valued at $242,000. 72.60% of the stock is currently owned by institutional investors and hedge funds.

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.