Jonathan Harris Sells 3,423 Shares of Owlet (NYSE:OWLT) Stock

Key Points

• Owlet CEO Jonathan Harris sold 3,423 shares on Nov. 17 at an average price of $10.49 for $35,907, reducing his stake by about 1.08% to 313,886 shares; the filing says the sale was a "sell-to-cover" to satisfy tax withholding on vested awards.
• Owlet beat expectations for the most recent quarter (EPS -$0.03 vs. -$0.13 estimate; revenue $26.55M vs. $26.01M) but the stock trades near $4.94 with a 52-week range of $3.78–$16.94, and analysts hold a consensus "Hold" rating with an average $20 price target.
• Multiple insiders have executed recent sell-to-cover transactions (including prior sizable sales), which lowers insider ownership and can pressure sentiment, even as institutional ownership remains high at roughly 72.6% following several large fund stakes.

Owlet, Inc. (NYSE:OWLT - Get Free Report) CEO Jonathan Harris sold 3,423 shares of the firm's stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $10.49, for a total value of $35,907.27. Following the completion of the transaction, the chief executive officer owned 313,886 shares of the company's stock, valued at approximately $3,292,664.14. This represents a 1.08% 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%

OWLT stock traded up $0.08 during mid-day trading on Thursday, reaching $4.94. The company had a trading volume of 211,452 shares, compared to its average volume of 310,038. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.85 and a quick ratio of 1.51. The stock has a 50 day simple moving average of $6.75 and a two-hundred day simple moving average of $10.36. The company has a market capitalization of $139.19 million, a price-to-earnings ratio of -1.82 and a beta of 2.00. Owlet, Inc. has a 52 week low of $3.78 and a 52 week 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) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.10. The business had revenue of $26.55 million during the quarter, compared to analyst estimates of $26.01 million. As a group, equities analysts predict that Owlet, Inc. will post -0.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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

Institutional Trading of Owlet

Several hedge funds have recently added to or reduced their stakes in OWLT. Eclipse Operations LLC acquired a new stake in Owlet during the 4th quarter worth approximately $124,677,000. AWM Investment Company Inc. acquired a new stake in Owlet during the 4th quarter worth approximately $28,304,000. 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. Russell Investments Group Ltd. acquired a new stake in Owlet during the 4th quarter worth approximately $3,662,000. Finally, Vanguard Group Inc. lifted its holdings in Owlet by 86.3% during the 3rd quarter. Vanguard Group Inc. now owns 389,840 shares of the company's stock worth $3,302,000 after purchasing an additional 180,619 shares during the last quarter. 72.60% of the stock is owned by institutional investors and hedge funds.

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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