Wall Street Zen Downgrades Owlet (NYSE:OWLT) to Sell

Key Points

• Owlet (NYSE:OWLT) has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, signaling potential concerns about the stock's performance.
• The company currently has a market capitalization of $132.23 million and has a 52-week trading range between $2.75 and $10.30.
• Institutional investors collectively own 72.60% of Owlet's shares, with notable recent purchases from firms such as XTX Topco Ltd and Goldman Sachs Group Inc.

Owlet (NYSE:OWLT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other research firms have also recently weighed in on OWLT. Northland Securities set a $12.00 price objective on shares of Owlet in a research report on Wednesday, July 9th. Northland Capmk raised shares of Owlet to a "strong-buy" rating in a report on Wednesday, April 23rd. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. Based on data from MarketBeat, Owlet presently has a consensus rating of "Buy" and an average price target of $10.25.

Owlet Stock Performance

NYSE OWLT traded down $0.4850 on Friday, hitting $7.6250. The stock had a trading volume of 66,957 shares, compared to its average volume of 59,647. Owlet has a 52-week low of $2.75 and a 52-week high of $10.30. The company has a market capitalization of $129.93 million, a price-to-earnings ratio of -2.18 and a beta of 1.80. The firm has a 50-day moving average of $7.87 and a 200-day moving average of $5.64.

Institutional Trading of Owlet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new position in Owlet during the second quarter valued at $90,000. Goldman Sachs Group Inc. acquired a new position in shares of Owlet in the 1st quarter valued at $43,000. Renaissance Technologies LLC increased its holdings in Owlet by 52.7% in the 4th quarter. Renaissance Technologies LLC now owns 48,437 shares of the company's stock worth $216,000 after acquiring an additional 16,718 shares in the last quarter. Northern Trust Corp increased its holdings in Owlet by 68.4% in the 4th quarter. Northern Trust Corp now owns 44,750 shares of the company's stock worth $199,000 after acquiring an additional 18,169 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Owlet in the first quarter valued at about $95,000. 72.60% of the stock is owned by hedge funds and other institutional investors.

Owlet Company Profile

Owlet, Inc provides digital parenting solutions in the United States and internationally. The company's platform focuses on giving real-time data and insights to parents. It offers Dream Sock, a wearable infant health monitor equipped with pulse oximetry technology to track vitals signs, such as pulse rate, oxygen, activity, and sleep patterns; BabySat which is intended for infants with heightened health risk; Owlet Cam, a monitoring device in smartphones that offers video and audio, predictive sleep insights, and cry detections; and accessories, including Owlet Sleeper, as well as Duo and Dream Duo that combines Smart Sock with the Owlet Cam.