Owlet (NYSE:OWLT) Downgraded by Wall Street Zen to Hold

Owlet (NYSE:OWLT) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other brokerages have also recently commented on OWLT. William Blair started coverage on Owlet in a research note on Tuesday, December 9th. They issued an “outperform” rating for the company. Northland Securities set a $20.00 target price on Owlet and gave the company an “outperform” rating in a report on Tuesday, December 30th. TD Cowen restated a “buy” rating on shares of Owlet in a research report on Thursday, January 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Owlet in a report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Owlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.25.

Owlet Stock Performance

OWLT opened at $12.93 on Friday. The stock has a fifty day moving average of $14.06 and a 200-day moving average of $10.29. Owlet has a fifty-two week low of $2.75 and a fifty-two week high of $16.94. The company has a market capitalization of $220.91 million, a P/E ratio of -4.38 and a beta of 1.78.

Owlet (NYSE:OWLT) last announced its quarterly earnings data on Thursday, November 13th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.26. The firm had revenue of $31.99 million for the quarter, compared to analyst estimates of $26.00 million. On average, equities research analysts predict that Owlet will post -0.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Owlet

In other news, CEO Jonathan Harris sold 2,311 shares of the stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $13.33, for a total transaction of $30,805.63. Following the completion of the transaction, the chief executive officer owned 264,396 shares in the company, valued at approximately $3,524,398.68. This represents a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 52.20% of the company’s stock.

Institutional Investors Weigh In On Owlet

Institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. bought a new position in Owlet during the first quarter worth about $43,000. Bank of America Corp DE lifted its stake in shares of Owlet by 6,517.7% during the 3rd quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock valued at $44,000 after buying an additional 5,149 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in Owlet in the 4th quarter worth approximately $60,000. XTX Topco Ltd purchased a new position in Owlet in the 2nd quarter valued at approximately $90,000. Finally, Marshall Wace LLP purchased a new position in Owlet in the 2nd quarter valued at approximately $336,000. 72.60% of the stock is owned by hedge funds and other institutional investors.

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.