Owlet (NYSE:OWLT) Posts Earnings Results

Key Points

• Beat on EPS: Owlet reported EPS of ($0.03), beating the consensus of ($0.13) by $0.10; shares slipped about 0.8% to $11.79 on volume above the average.
• Mixed analyst view: Three analysts rate the stock Buy, one Hold and one Sell, leaving a MarketBeat consensus rating of "Hold" and a consensus price target of $20.00.
• Insider and institutional activity: CEO Jonathan Harris sold 2,311 shares at $13.33, insiders own 52.2% of the stock, institutional ownership is 72.6%, and large new positions were reported (Eclipse Operations ~$124.7M, AWM ~$28.3M).

Owlet (NYSE:OWLT - Get Free Report) announced its earnings results on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.10, FiscalAI reports.

Owlet Stock Down 0.8%

Shares of OWLT traded down $0.09 during mid-day trading on Thursday, hitting $11.79. 381,397 shares of the company traded hands, compared to its average volume of 233,866. Owlet has a 1-year low of $2.75 and a 1-year high of $16.94. The company has a market capitalization of $201.37 million, a PE ratio of -4.00 and a beta of 1.77. The business has a 50 day moving average of $13.10 and a 200 day moving average of $11.00.

Analyst Ratings Changes

A number of analysts have recently weighed in on OWLT shares. William Blair began coverage on shares of Owlet in a research report on Tuesday, December 9th. They issued an "outperform" rating on the stock. Zacks Research lowered shares of Owlet from a "strong-buy" rating to a "hold" rating in a research note on Monday. Wall Street Zen cut shares of Owlet from a "buy" rating to a "hold" rating in a report on Friday, January 23rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Owlet in a report on Thursday, January 22nd. Finally, TD Cowen restated a "buy" rating on shares of Owlet in a research note on Thursday, January 8th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $20.00.

Insider Buying and Selling

In other Owlet news, CEO Jonathan Harris sold 2,311 shares of the business's stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $13.33, for a total transaction of $30,805.63. Following the sale, the chief executive officer owned 264,396 shares of the company's stock, valued at approximately $3,524,398.68. The trade was a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 52.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Owlet

Institutional investors have recently modified their holdings of the business. Eclipse Operations LLC acquired a new position in Owlet in the 4th quarter worth about $124,677,000. AWM Investment Company Inc. acquired a new position in shares of Owlet during the 4th quarter worth approximately $28,304,000. Vanguard Group Inc. raised its stake in shares of 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 buying an additional 180,619 shares during the period. Bleichroeder LP raised its position in Owlet by 14.8% during the fourth quarter. Bleichroeder LP now owns 310,000 shares of the company's stock worth $5,019,000 after acquiring an additional 40,000 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in Owlet by 70.5% in the 4th quarter. Renaissance Technologies LLC now owns 286,409 shares of the company's stock worth $4,637,000 after purchasing an additional 118,386 shares in the last quarter. 72.60% of the stock is currently 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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