Owlet (NYSE:OWLT) Shares Up 6.2% - Should You Buy?

Owlet, Inc. (NYSE:OWLT - Get Free Report) shares were up 6.2% during mid-day trading on Monday . The stock traded as high as $3.57 and last traded at $3.40. Approximately 8,510 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 34,610 shares. The stock had previously closed at $3.20.

Analyst Ratings Changes

Separately, Lake Street Capital began coverage on shares of Owlet in a research note on Friday, February 21st. They set a "buy" rating and a $8.50 target price for the company.

Owlet Stock Up 0.6 %

The company has a market capitalization of $54.02 million, a price-to-earnings ratio of -1.36 and a beta of 1.52. The business has a 50-day moving average price of $4.16 and a 200-day moving average price of $4.53.

Institutional Trading of Owlet

Hedge funds have recently bought and sold shares of the company. Essex Investment Management Co. LLC purchased a new stake in shares of Owlet in the 4th quarter valued at approximately $113,000. Granahan Investment Management LLC acquired a new stake in shares of Owlet in the fourth quarter worth $145,000. Northern Trust Corp grew its holdings in shares of Owlet by 68.4% during the fourth quarter. Northern Trust Corp now owns 44,750 shares of the company's stock valued at $199,000 after buying an additional 18,169 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Owlet by 52.7% in the 4th quarter. Renaissance Technologies LLC now owns 48,437 shares of the company's stock worth $216,000 after acquiring an additional 16,718 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Owlet by 31.0% during the 3rd quarter. Geode Capital Management LLC now owns 58,684 shares of the company's stock worth $264,000 after acquiring an additional 13,879 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.