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

Owlet (NYSE:OWLT) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

Other research analysts have also recently issued reports about the company. TD Cowen reaffirmed a “buy” rating on shares of Owlet in a research report on Friday, March 6th. William Blair started coverage on Owlet in a research report on Tuesday, December 9th. They set an “outperform” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Owlet in a research note on Thursday, January 22nd. Northland Securities set a $20.00 price target on shares of Owlet and gave the company an “outperform” rating in a research note on Tuesday, December 30th. Finally, Zacks Research cut shares of Owlet from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Owlet currently has an average rating of “Hold” and a consensus target price of $20.00.

Owlet Price Performance

Owlet stock opened at $5.57 on Friday. The company has a current ratio of 1.85, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $11.85 and a 200-day simple moving average of $10.95. The stock has a market cap of $95.15 million, a P/E ratio of -2.06 and a beta of 1.77. Owlet has a 12-month low of $2.75 and a 12-month high of $16.94.

Owlet (NYSE:OWLT) last posted its quarterly earnings results on Thursday, March 5th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. The business had revenue of $26.55 million during the quarter, compared to analyst estimates of $26.01 million. Equities analysts expect that Owlet will post -0.76 EPS for the current fiscal year.

Insider Activity at Owlet

In other news, CEO Jonathan Harris sold 2,311 shares of the business’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $13.33, for a total value of $30,805.63. Following the completion of the sale, the chief executive officer directly owned 264,396 shares of the company’s stock, valued at approximately $3,524,398.68. The trade was a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 52.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. acquired a new position in Owlet during the first quarter worth approximately $43,000. Bank of America Corp DE boosted its holdings in shares of Owlet by 6,517.7% in the third quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock valued at $44,000 after acquiring an additional 5,149 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Owlet during the fourth quarter worth approximately $60,000. XTX Topco Ltd purchased a new position in shares of Owlet during the second quarter worth approximately $90,000. Finally, Charles Schwab Investment Management Inc. acquired a new position in shares of Owlet in the 4th quarter valued at $242,000. Hedge funds and other institutional investors own 72.60% of the company’s stock.

Owlet Company Profile

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.