Jonathan Harris Sells 3,315 Shares of Owlet (NYSE:OWLT) Stock

Key Points

• Owlet CEO Jonathan Harris sold 3,315 shares on August 19 at an average price of $7.72 for about $25,592 to cover tax withholding on vested awards, reducing his stake by 1.26% to 259,136 shares — the transaction was disclosed in an SEC filing.
• The sale is part of a broader pattern of insider "sell-to-cover" transactions (Harris sold 12,676 shares on Feb. 26 and 3,540 on Feb. 17), and larger sales by other senior executives including Kurt Workman and the CFO have raised negative investor sentiment.
• Owlet shares traded up 1.7% to $4.94 with a market cap around $139 million; the company reported Q1 EPS of ($0.03) versus estimates of ($0.13), and analysts hold a consensus rating of Hold with an average target price of $20.00.

Owlet, Inc. (NYSE:OWLT - Get Free Report) CEO Jonathan Harris sold 3,315 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $7.72, for a total value of $25,591.80. Following the sale, the chief executive officer owned 259,136 shares of the company's stock, valued at approximately $2,000,529.92. The trade was a 1.26% decrease in their ownership of the stock. The transaction 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.

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

• On Thursday, February 26th, Jonathan Harris sold 12,676 shares of Owlet stock. The stock was 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 stock was sold at an average price of $10.65, for a total value of $37,701.00.

Owlet Trading Up 1.7%

Shares of OWLT stock traded up $0.08 on Thursday, reaching $4.94. 211,452 shares of the stock were exchanged, compared to its average volume of 310,038. The stock has a market cap of $139.19 million, a P/E ratio of -1.82 and a beta of 2.00. The company has a quick ratio of 1.51, a current ratio of 1.85 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $6.75 and a two-hundred day moving average of $10.36. Owlet, Inc. has a 1-year low of $3.78 and a 1-year high of $16.94.

Owlet (NYSE:OWLT - Get Free Report) last released its quarterly earnings data on Thursday, March 5th. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.10. The firm had revenue of $26.55 million for the quarter, compared to analyst estimates of $26.01 million. On average, research analysts anticipate that Owlet, Inc. will post -0.63 EPS for the current year.

More Owlet News

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

Several analysts recently issued reports on OWLT shares. Zacks Research downgraded Owlet from a "strong-buy" rating to a "hold" rating in a report on Monday, March 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Owlet in a research report on Tuesday, April 21st. Wall Street Zen downgraded Owlet from a "hold" rating to a "sell" rating in a research note on Saturday, March 14th. Finally, TD Cowen restated a "buy" rating on shares of Owlet in a research note on Friday, March 6th. 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 company. Based on data from MarketBeat.com, Owlet presently has a consensus rating of "Hold" and an average target price of $20.00.

Institutional Trading of Owlet

Several large investors have recently modified their holdings of the business. Perkins Capital Management Inc. grew its stake in shares of Owlet by 3.9% during the first quarter. Perkins Capital Management Inc. now owns 106,095 shares of the company's stock valued at $545,000 after acquiring an additional 3,990 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new stake in shares of Owlet during the fourth quarter valued at about $276,000. Millennium Management LLC acquired a new stake in shares of Owlet during the fourth quarter valued at about $591,000. Manatuck Hill Partners LLC acquired a new stake in shares of Owlet during the fourth quarter valued at about $1,619,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Owlet during the fourth quarter valued at about $246,000. 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.

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