Owlet (NYSE:OWLT) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Owlet from "strong sell" to "sell", adding to a mixed analyst picture that currently averages to a Hold rating with a $20.00 target price.
• Owlet reported better-than-expected quarterly results, with EPS of ($0.09) versus estimates of ($0.18) and revenue of $22.5 million versus expected $20.84 million.
• The stock was trading at $5.71 and had recently risen 17.4%, while recent insider sales by the CEO and CFO were disclosed as part of equity-related tax withholding.

Owlet (NYSE:OWLT - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued to investors on Sunday.

Other analysts have also recently issued reports about the stock. TD Cowen reaffirmed a "buy" rating on shares of Owlet in a research note on Friday, March 6th. Zacks Research cut shares of Owlet from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 2nd. Finally, Weiss Ratings lowered Owlet from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, May 4th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $20.00.

Owlet Stock Up 17.4%

Shares of NYSE:OWLT opened at $5.71 on Friday. The company's fifty day moving average is $6.25 and its 200-day moving average is $10.26. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.51 and a current ratio of 1.85. Owlet has a 52 week low of $4.19 and a 52 week high of $16.94. The company has a market capitalization of $160.71 million, a PE ratio of -1.86 and a beta of 1.84.

Owlet (NYSE:OWLT - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.18) by $0.09. The firm had revenue of $22.50 million for the quarter, compared to analyst estimates of $20.84 million. Equities research analysts predict that Owlet will post -0.63 earnings per share for the current fiscal year.

Insider Transactions at Owlet

In other Owlet news, CEO Jonathan Harris sold 12,676 shares of the business's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $11.50, for a total value of $145,774.00. Following the completion of the transaction, the chief executive officer directly owned 339,336 shares of the company's stock, valued at approximately $3,902,364. The trade was a 3.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Amanda Crawford sold 6,892 shares of the company's stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $11.50, for a total transaction of $79,258.00. Following the transaction, the chief financial officer owned 212,800 shares in the company, valued at $2,447,200. The trade was a 3.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 23,108 shares of company stock worth $262,733. Insiders own 52.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OWLT. Eclipse Operations LLC acquired a new position in Owlet during the 4th quarter worth $124,677,000. AWM Investment Company Inc. bought a new stake in shares of Owlet during the fourth quarter worth $28,304,000. Granahan Investment Management LLC lifted its stake in shares of Owlet by 135.9% during the third quarter. Granahan Investment Management LLC now owns 509,904 shares of the company's stock valued at $4,319,000 after acquiring an additional 293,771 shares during the period. Russell Investments Group Ltd. acquired a new position in shares of Owlet during the fourth quarter valued at $3,662,000. Finally, Vanguard Group Inc. boosted its holdings in Owlet by 86.3% in the third quarter. Vanguard Group Inc. now owns 389,840 shares of the company's stock valued at $3,302,000 after acquiring an additional 180,619 shares during the last quarter. Institutional investors own 72.60% of the company's stock.

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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