Owlet (NYSE:OWLT) Trading 13.8% Higher - Should You Buy?

Shares of Owlet, Inc. (NYSE:OWLT - Get Free Report) were up 13.8% on Monday . The company traded as high as $6.34 and last traded at $6.16. Approximately 202,366 shares changed hands during trading, an increase of 438% from the average daily volume of 37,630 shares. The stock had previously closed at $5.41.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on OWLT shares. Northland Capmk upgraded Owlet to a "strong-buy" rating in a research report on Wednesday, April 23rd. Lake Street Capital began coverage on shares of Owlet in a report on Friday, February 21st. They set a "buy" rating and a $8.50 target price for the company. Finally, Northland Securities initiated coverage on shares of Owlet in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $7.00 target price for the company.

Owlet Trading Down 0.2%

The stock has a 50 day moving average price of $4.18 and a two-hundred day moving average price of $4.46. The company has a market cap of $97.50 million, a price-to-earnings ratio of -2.47 and a beta of 1.49.

Owlet (NYSE:OWLT - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.02). The firm had revenue of $21.10 million during the quarter, compared to the consensus estimate of $18.14 million. On average, equities analysts forecast that Owlet, Inc. will post -0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Owlet

Several hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. acquired a new stake in Owlet in the first quarter worth $43,000. Renaissance Technologies LLC raised its holdings in Owlet by 52.7% in the fourth quarter. Renaissance Technologies LLC now owns 48,437 shares of the company's stock worth $216,000 after purchasing an additional 16,718 shares during the period. Northern Trust Corp raised its holdings in Owlet by 68.4% in the fourth quarter. Northern Trust Corp now owns 44,750 shares of the company's stock worth $199,000 after purchasing an additional 18,169 shares during the period. Essex Investment Management Co. LLC acquired a new stake in Owlet in the fourth quarter worth $113,000. Finally, Virtu Financial LLC acquired a new stake in Owlet in the first quarter worth $95,000. 72.60% of the stock is currently owned by institutional investors and hedge funds.

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.