Owlet (NYSE:OWLT) Shares Down 0.2% - What's Next?

Owlet, Inc. (NYSE:OWLT - Get Free Report)'s stock price dropped 0.2% during trading on Tuesday . The company traded as low as $8.25 and last traded at $8.45. Approximately 89,996 shares were traded during mid-day trading, an increase of 5% from the average daily volume of 85,398 shares. The stock had previously closed at $8.47.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OWLT. Northland Securities set a $12.00 price target on Owlet in a research report on Wednesday, July 9th. Northland Capmk raised Owlet to a "strong-buy" rating in a research report on Wednesday, April 23rd.

Owlet Stock Performance

The stock's 50 day simple moving average is $7.33 and its two-hundred day simple moving average is $5.34. The firm has a market capitalization of $122.12 million, a PE ratio of -5.17 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) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The business had revenue of $21.10 million during the quarter, compared to analyst estimates 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 expect that Owlet, Inc. will post -0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Owlet

Institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. purchased a new position in Owlet in the first quarter valued at about $43,000. Virtu Financial LLC acquired a new stake in Owlet during the first quarter worth approximately $95,000. Granahan Investment Management LLC acquired a new position in shares of Owlet in the 4th quarter valued at $145,000. Northern Trust Corp boosted its holdings in shares of Owlet by 68.4% in the 4th quarter. Northern Trust Corp now owns 44,750 shares of the company's stock valued at $199,000 after purchasing an additional 18,169 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Owlet by 52.7% in the 4th quarter. Renaissance Technologies LLC now owns 48,437 shares of the company's stock valued at $216,000 after acquiring an additional 16,718 shares during the period. 72.60% of the stock is owned by hedge funds and other institutional investors.

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.