Jonathan Harris Sells 1,945 Shares of Owlet (NYSE:OWLT) Stock

Key Points

• Jonathan Harris sold 1,945 shares of Owlet on July 17 at an average price of $8.03 (≈$15,618) to cover tax withholding on vested awards, leaving him with 262,451 shares (a 0.74% ownership decrease).
• Insider sell-to-cover activity is recurring: Harris also sold 12,676 and 3,540 shares in February, and other senior executives have made similar tax-related sales, which reduce insider ownership and can pressure sentiment.
• Stock and analyst snapshot: OWLT traded at $4.94 (up 1.7%), has a market cap near $139M and a negative P/E, and analysts’ consensus rating is a "Hold" with an average target of $20.00.

Owlet, Inc. (NYSE:OWLT - Get Free Report) CEO Jonathan Harris sold 1,945 shares of the firm's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $8.03, for a total value of $15,618.35. Following the transaction, the chief executive officer owned 262,451 shares in the company, valued at approximately $2,107,481.53. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Jonathan Harris also recently made the following trade(s):

• On Thursday, February 26th, Jonathan Harris sold 12,676 shares of Owlet stock. The shares were sold at an average price of $11.50, for a total value of $145,774.00.
• On Tuesday, February 17th, Jonathan Harris sold 3,540 shares of Owlet stock. The shares were sold at an average price of $10.65, for a total value of $37,701.00.

Owlet Stock Up 1.7%

NYSE OWLT traded up $0.08 during trading on Thursday, hitting $4.94. 211,452 shares of the company traded hands, compared to its average volume of 310,038. Owlet, Inc. has a 12 month low of $3.78 and a 12 month high of $16.94. The business has a fifty day simple moving average of $6.75 and a 200 day simple moving average of $10.36. The company has a current ratio of 1.85, a quick ratio of 1.51 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $139.19 million, a P/E ratio of -1.82 and a beta of 2.00.

Owlet (NYSE:OWLT - Get Free Report) 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 for the quarter, compared to the consensus estimate of $26.01 million. As a group, sell-side analysts predict that Owlet, Inc. will post -0.63 EPS for the current year.

Institutional Trading of Owlet

A number of hedge funds have recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Owlet in the 4th quarter worth $60,000. Bank of America Corp DE raised its position in shares of Owlet by 6,517.7% during the third quarter. Bank of America Corp DE now owns 5,228 shares of the company's stock valued at $44,000 after buying an additional 5,149 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Owlet in the second quarter valued at about $90,000. Goldman Sachs Group Inc. bought a new stake in shares of Owlet in the first quarter valued at about $43,000. Finally, Charles Schwab Investment Management Inc. acquired a new stake in Owlet during the fourth quarter worth about $242,000. 72.60% of the stock is owned by institutional investors.

Owlet News Roundup

Here are the key news stories impacting Owlet this week:

• Neutral Sentiment: Multiple small insider "sell-to-cover" transactions by company executives are routine and largely intended to cover tax withholding on vested awards; these reduce the negative signal versus open-market deliberate divestitures. Representative filing for several of the CFO's trades is here: SEC Filings (CFO)
• Negative Sentiment: Large insider sale by CEO Kurt Workman — he sold 49,056 shares ( ~11.4% reduction at the time) in October, a sizable block that can be interpreted negatively by investors even if described as tax-related. Filing: Workman SEC Filing
• Negative Sentiment: Significant sales by other senior executives — CEO Jonathan Harris sold 12,676 shares on Feb. 26 (material size) and CFO Amanda Crawford sold 6,892 shares on Feb. 27; both transactions were disclosed as covering tax withholding but reduce insider ownership and can pressure sentiment. Harris filing: Harris SEC Filing — Crawford filing: Crawford SEC Filing
• Negative Sentiment: Analyst preview (Zacks) expects Q1 earnings to decline, signaling downside to near-term fundamentals and raising the risk of an earnings miss or guidance cut — this is a direct negative pressure on valuation and near-term sentiment. Earnings Preview: Zacks

Analyst Upgrades and Downgrades

OWLT has been the topic of several recent research reports. Zacks Research lowered Owlet from a "strong-buy" rating to a "hold" rating in a report on Monday, March 2nd. Wall Street Zen downgraded Owlet from a "hold" rating to a "sell" rating in a research report on Saturday, March 14th. TD Cowen reaffirmed a "buy" rating on shares of Owlet in a research report on Friday, March 6th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Owlet in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $20.00.

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.

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