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

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

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

Owlet Trading Down 2.6%

Shares of OWLT opened at $12.93 on Friday. Owlet has a 1 year low of $2.75 and a 1 year high of $16.94. The stock has a 50 day simple moving average of $14.06 and a 200-day simple moving average of $10.30. The stock has a market cap of $220.86 million, a PE ratio of -4.38 and a beta of 1.78.

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

Insider Transactions at Owlet

In other Owlet news, CEO Jonathan Harris sold 2,311 shares of Owlet stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 264,396 shares of the company’s stock, valued at $3,524,398.68. The trade was a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 52.20% of the stock is owned by corporate insiders.

Institutional Trading of Owlet

Hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. bought a new position in Owlet in the 1st quarter valued at about $43,000. Next Century Growth Investors LLC acquired a new position in shares of Owlet in the second quarter valued at approximately $1,653,000. Archon Capital Management LLC bought a new position in shares of Owlet during the second quarter worth approximately $442,000. Granahan Investment Management LLC lifted its holdings in Owlet by 135.9% during the 3rd quarter. Granahan Investment Management LLC now owns 509,904 shares of the company’s stock worth $4,319,000 after purchasing an additional 293,771 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in Owlet by 3.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 121,741 shares of the company’s stock valued at $1,971,000 after purchasing an additional 4,160 shares during the period. Institutional investors and hedge funds own 72.60% of the company’s stock.

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.