Owlet (NYSE:OWLT) Trading 1.1% Higher - Should You Buy?

Owlet, Inc. (NYSE:OWLT - Get Free Report) shot up 1.1% on Monday . The stock traded as high as $8.84 and last traded at $8.62. 161,725 shares changed 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 Analysts Forecast Growth

Several research firms recently weighed in on OWLT. Northland Capmk raised Owlet to a "strong-buy" rating in a research note on Wednesday, April 23rd. Northland Securities set a $12.00 target price on Owlet in a report on Wednesday.

Owlet Stock Down 1.4%

The firm has a fifty day moving average price of $6.30 and a 200-day moving average price of $4.96. The firm has a market cap of $144.14 million, a price-to-earnings ratio of -6.10 and a beta of 1.81.

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 company had revenue of $21.10 million for 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%. Equities research analysts anticipate that Owlet, Inc. will post -0.76 earnings per share for the current fiscal year.

Institutional Trading of Owlet

Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in Owlet by 52.7% in the fourth quarter. Renaissance Technologies LLC now owns 48,437 shares of the company's stock valued at $216,000 after purchasing an additional 16,718 shares during the period. Northern Trust Corp increased its position in shares of Owlet by 68.4% during the fourth quarter. Northern Trust Corp now owns 44,750 shares of the company's stock worth $199,000 after acquiring an additional 18,169 shares during the last quarter. Granahan Investment Management LLC purchased a new stake in shares of Owlet during the fourth quarter worth about $145,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Owlet during the first quarter worth about $871,000. Finally, Virtu Financial LLC purchased a new stake in shares of Owlet during the first quarter worth about $95,000. Hedge funds and other institutional investors own 72.60% of the company's stock.

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.