Owlet (NYSE:OWLT) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Owlet from “sell” to “hold,” while the broader analyst consensus remains “Hold” with an average price target of $15.00.
• Owlet’s shares opened at $6.73, up 7.4%, with a market capitalization of approximately $195.6 million and a 52-week range of $4.19 to $16.94.
• The company exceeded quarterly expectations, reporting an adjusted loss of $0.05 per share versus the projected $0.09 loss and revenue of $33.87 million versus the $31.71 million consensus estimate.

Owlet (NYSE:OWLT - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

A number of other research analysts have also commented on the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of Owlet in a research note on Friday, July 31st. TD Cowen reaffirmed a "buy" rating and set a $10.00 price target (down from $13.00) on shares of Owlet in a research note on Monday, June 22nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $15.00.

Owlet Stock Up 7.4%

Owlet stock opened at $6.73 on Friday. The stock has a market cap of $195.63 million, a price-to-earnings ratio of -8.98 and a beta of 1.85. The company has a current ratio of 1.71, a quick ratio of 1.33 and a debt-to-equity ratio of 0.09. The company's 50-day moving average price is $5.44 and its two-hundred day moving average price is $6.70. Owlet has a 52 week low of $4.19 and a 52 week high of $16.94.

Owlet (NYSE:OWLT - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.04. The company had revenue of $33.87 million for the quarter, compared to the consensus estimate of $31.71 million. On average, analysts expect that Owlet will post -0.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Owlet

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. bought a new position in shares of Owlet during the 1st quarter valued at about $43,000. XTX Topco Ltd acquired a new stake in Owlet during the second quarter valued at approximately $90,000. Marshall Wace LLP acquired a new stake in Owlet during the second quarter valued at approximately $336,000. Vanguard Group Inc. lifted its stake in Owlet by 86.3% during the third quarter. Vanguard Group Inc. now owns 389,840 shares of the company's stock valued at $3,302,000 after purchasing an additional 180,619 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Owlet by 6,517.7% during the third quarter. Bank of America Corp DE now owns 5,228 shares of the company's stock worth $44,000 after buying an additional 5,149 shares in the last quarter. 72.60% of the stock is owned by institutional investors and hedge funds.

About Owlet

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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