Owlet (NYSE:OWLT) CEO Sells $37,701.00 in Stock

Key Points

• CEO Jonathan Harris sold 3,540 shares on Feb. 17 for $37,701 and a further 12,676 shares on Feb. 26, with the filings stating the sales were "sell-to-cover" transactions to satisfy tax withholding and reducing his stake.
• Owlet beat last quarter's consensus with EPS of ($0.03) vs. ($0.13) and revenue of $26.55M vs. $26.01M, though analysts still expect a negative full-year EPS (-0.63).
• The stock trades near $4.94 with a $139.2M market cap, a consensus analyst rating of "Hold" (consensus price target $20.00), and heavy institutional ownership (72.6%) alongside recent large hedge-fund position changes.

Owlet, Inc. (NYSE:OWLT - Get Free Report) CEO Jonathan Harris sold 3,540 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $10.65, for a total transaction of $37,701.00. Following the completion of the transaction, the chief executive officer owned 310,346 shares in the company, valued at $3,305,184.90. The trade was a 1.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 shares were sold at an average price of $11.50, for a total transaction of $145,774.00.

Owlet Stock Up 1.7%

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

Owlet (NYSE:OWLT - Get Free Report) last posted 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 firm had revenue of $26.55 million for the quarter, compared to analysts' expectations of $26.01 million. Sell-side analysts expect that Owlet, Inc. will post -0.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Owlet

Several large investors have recently modified their holdings of OWLT. Eclipse Operations LLC acquired a new position in Owlet in the fourth quarter worth about $124,677,000. AWM Investment Company Inc. bought a new position 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 buying an additional 293,771 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Owlet in the 4th quarter worth approximately $3,662,000. Finally, Vanguard Group Inc. increased its holdings in shares of Owlet by 86.3% in the 3rd quarter. Vanguard Group Inc. now owns 389,840 shares of the company's stock valued at $3,302,000 after acquiring an additional 180,619 shares during the last quarter. Institutional investors own 72.60% of the company's stock.

Key Stories Impacting Owlet

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

Analysts Set New Price Targets

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.