Owlet, Inc. $OWLT Shares Bought by Granahan Investment Management LLC

Key Points

• Granahan Investment Management increased its stake in Owlet by 72.8% in Q1, buying nearly 500,000 more shares and bringing its total holding to 1.19 million shares, or about 4.09% of the company.
• Owlet’s stock was trading near $5.26, well below its 52-week high of $16.94, while the company remains lightly leveraged with a debt-to-equity ratio of 0.09 and a market cap of about $152.9 million.
• The company beat earnings expectations in its latest quarter, reporting a loss of $0.09 per share versus estimates of a $0.18 loss and revenue of $22.46 million versus $20.84 million expected; analysts currently rate the stock Hold on average.

Granahan Investment Management LLC grew its holdings in shares of Owlet, Inc. (NYSE:OWLT - Free Report) by 72.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,186,655 shares of the company's stock after buying an additional 499,906 shares during the period. Granahan Investment Management LLC owned 4.09% of Owlet worth $6,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Eclipse Operations LLC acquired a new stake in shares of Owlet during the 4th quarter worth about $124,677,000. AWM Investment Company Inc. acquired a new position in Owlet in the fourth quarter valued at approximately $28,304,000. Next Century Growth Investors LLC boosted its holdings in Owlet by 18.4% in the fourth quarter. Next Century Growth Investors LLC now owns 484,908 shares of the company's stock valued at $7,851,000 after purchasing an additional 75,408 shares in the last quarter. Vanguard Group Inc. increased its stake 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 purchasing an additional 180,619 shares during the last quarter. Finally, Bleichroeder LP raised its holdings in Owlet by 14.8% during the fourth quarter. Bleichroeder LP now owns 310,000 shares of the company's stock worth $5,019,000 after purchasing an additional 40,000 shares in the last quarter. 72.60% of the stock is owned by institutional investors and hedge funds.

Owlet Trading Down 0.8%

Shares of Owlet stock opened at $5.26 on Friday. Owlet, Inc. has a 1 year low of $4.19 and a 1 year high of $16.94. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.33 and a current ratio of 1.71. The company has a market capitalization of $152.88 million, a P/E ratio of -1.71 and a beta of 1.84. The company's fifty day moving average is $5.44 and its two-hundred day moving average is $7.64.

Owlet (NYSE:OWLT - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.18) by $0.09. The business had revenue of $22.46 million during the quarter, compared to analysts' expectations of $20.84 million. Analysts forecast that Owlet, Inc. will post -0.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Owlet from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. TD Cowen reissued a "buy" rating and issued a $10.00 price target (down from $13.00) on shares of Owlet in a research report on Monday, June 22nd. Finally, Weiss Ratings downgraded shares of Owlet from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, May 4th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $15.00.

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.

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