Owlet (NYSE:OWLT) Downgraded to "Sell" Rating by Wall Street Zen

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 Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

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

Owlet Stock Performance

Owlet stock traded down $0.1090 during trading hours on Friday, hitting $7.2010. 49,677 shares of the stock were exchanged, compared to its average volume of 100,653. The stock has a market capitalization of $122.71 million, a P/E ratio of -2.06 and a beta of 1.80. Owlet has a 12 month low of $2.75 and a 12 month high of $10.30. The business's 50-day moving average is $7.91 and its two-hundred day moving average is $5.66.

Institutional Trading of Owlet

Several hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. bought a new position in Owlet in the first quarter valued at approximately $871,000. Next Century Growth Investors LLC bought a new position in Owlet in the second quarter valued at approximately $1,653,000. Archon Capital Management LLC bought a new position in Owlet in the second quarter valued at approximately $442,000. Marshall Wace LLP bought a new position in Owlet in the second quarter valued at approximately $336,000. Finally, Granahan Investment Management LLC bought a new position in Owlet in the fourth quarter valued at approximately $145,000. 72.60% of the stock is owned by 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.