Owlet (NYSE:OWLT) Shares Up 1.1% - Here's What Happened

Owlet, Inc. (NYSE:OWLT - Get Free Report) shares traded up 1.1% during trading on Monday . The stock traded as high as $8.84 and last traded at $8.62. 161,725 shares traded hands during mid-day trading, an increase of 263% from the average session volume of 44,582 shares. The stock had previously closed at $8.53.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Northland Capmk upgraded shares of Owlet to a "strong-buy" rating in a report on Wednesday, April 23rd. Northland Securities started coverage on shares of Owlet in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $7.00 price objective for the company.

Owlet Stock Performance

The company has a market cap of $141.41 million, a P/E ratio of -5.99 and a beta of 1.81. The firm's fifty day moving average is $6.00 and its two-hundred day moving average is $4.88.

Owlet (NYSE:OWLT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The company had revenue of $21.10 million during the quarter, compared to analysts' expectations of $18.14 million. Owlet had a negative return on equity of 0.36% and a negative net margin of 15.28%. On average, equities research analysts expect that Owlet, Inc. will post -0.76 EPS for the current year.

Institutional Trading of Owlet

Several hedge funds have recently bought and sold shares of OWLT. Harbor Capital Advisors Inc. purchased a new stake in shares of Owlet during the 1st quarter valued at about $871,000. Granahan Investment Management LLC purchased a new position in shares of Owlet during the fourth quarter worth approximately $145,000. Virtu Financial LLC purchased a new position in Owlet in the first quarter valued at about $95,000. Essex Investment Management Co. LLC purchased a new position in Owlet in the fourth quarter worth $113,000. Finally, Northern Trust Corp grew 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 last quarter. Hedge funds and other institutional investors own 72.60% of the company's stock.

About Owlet

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.