Owlet (NYSE:OWLT) CEO Sells $415,013.76 in Stock

Key Points

• CEO Kurt Workman sold 49,056 shares on Oct. 3 at an average price of $8.46 for a total of $415,013.76, reducing his stake by about 11.38% to 382,080 shares.
• The sale was disclosed as a sell-to-cover transaction to cover tax withholding on vested equity awards; several other senior executives have made similar sell-to-cover transactions, which are routine but can weigh on investor sentiment.
• Owlet shares recently traded at $4.94 with a market cap of $139.2M, negative earnings (P/E -1.82), and mixed analyst views (average rating "Hold" with a consensus price target of $20.00).

Owlet, Inc. (NYSE:OWLT - Get Free Report) CEO Kurt Workman sold 49,056 shares of Owlet stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $8.46, for a total transaction of $415,013.76. Following the completion of the transaction, the chief executive officer owned 382,080 shares of the company's stock, valued at $3,232,396.80. This trade represents a 11.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Owlet Stock Up 1.7%

Shares of OWLT stock traded up $0.08 during trading on Thursday, reaching $4.94. The company's stock 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 company has a market capitalization of $139.19 million, a price-to-earnings ratio of -1.82 and a beta of 2.00. The stock's 50-day moving average price is $6.75 and its 200 day moving average price is $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 announced its quarterly earnings data on Thursday, March 5th. The company reported ($0.03) earnings per share 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. On average, research analysts anticipate that Owlet, Inc. will post -0.63 EPS for the current year.

Hedge Funds Weigh In On Owlet

Several hedge funds have recently made changes to their positions in the company. Informed Momentum Co LLC grew its holdings in shares of Owlet by 1.6% during the fourth quarter. Informed Momentum Co LLC now owns 112,893 shares of the company's stock worth $1,828,000 after purchasing an additional 1,737 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Owlet during the fourth quarter worth about $60,000. Perkins Capital Management Inc. grew its holdings 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 worth $545,000 after purchasing an additional 3,990 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Owlet by 3.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 121,741 shares of the company's stock worth $1,971,000 after purchasing an additional 4,160 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings 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 worth $44,000 after purchasing an additional 5,149 shares during the last quarter. Hedge funds and other institutional investors own 72.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Owlet in a report on Tuesday, April 21st. TD Cowen reissued a "buy" rating on shares of Owlet in a research report on Friday, March 6th. Wall Street Zen cut Owlet from a "hold" rating to a "sell" rating in a research note on Saturday, March 14th. Finally, Zacks Research downgraded Owlet from a "strong-buy" rating to a "hold" rating in a report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $20.00.

Trending Headlines about 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

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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