Owlet (NYSE:OWLT) Cut to “Hold” at Zacks Research

Owlet (NYSE:OWLT) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Other analysts also recently issued research reports about the company. TD Cowen reissued a “buy” rating on shares of Owlet in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Owlet in a report on Thursday, January 22nd. William Blair assumed coverage on shares of Owlet in a report on Tuesday, December 9th. They issued an “outperform” rating on the stock. Wall Street Zen lowered shares of Owlet from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Finally, Northland Securities set a $20.00 price target on shares of Owlet and gave the company an “outperform” rating in a report on Tuesday, December 30th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Owlet has a consensus rating of “Hold” and a consensus target price of $20.00.

Owlet Stock Down 2.4%

Shares of Owlet stock opened at $11.90 on Monday. The company has a market capitalization of $203.25 million, a price-to-earnings ratio of -4.03 and a beta of 1.77. The stock’s 50-day simple moving average is $13.16 and its 200-day simple moving average is $11.00. Owlet has a 52 week low of $2.75 and a 52 week high of $16.94.

Insider Activity at Owlet

In related news, CEO Jonathan Harris sold 2,311 shares of the firm’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $13.33, for a total value of $30,805.63. Following the completion of the transaction, the chief executive officer directly owned 264,396 shares of the company’s stock, valued at approximately $3,524,398.68. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 52.20% of the company’s stock.

Institutional Investors Weigh In On Owlet

A number of hedge funds have recently bought and sold shares of the business. Eclipse Operations LLC purchased a new position in shares of Owlet in the 4th quarter worth $124,677,000. AWM Investment Company Inc. bought a new position in shares of Owlet in the 4th quarter valued at about $28,304,000. Granahan Investment Management LLC grew its position in Owlet by 34.7% in the fourth quarter. Granahan Investment Management LLC now owns 686,749 shares of the company’s stock worth $11,118,000 after acquiring an additional 176,845 shares in the last quarter. Next Century Growth Investors LLC grew its position in Owlet by 18.4% in the fourth quarter. Next Century Growth Investors LLC now owns 484,908 shares of the company’s stock worth $7,851,000 after acquiring an additional 75,408 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Owlet by 86.3% during the third quarter. Vanguard Group Inc. now owns 389,840 shares of the company’s stock worth $3,302,000 after acquiring an additional 180,619 shares during the last quarter. Hedge funds and other 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.