Wall Street Zen Downgrades Owlet (NYSE:OWLT) to Sell

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

A number of other research firms have also issued reports on OWLT. Zacks Research lowered shares of Owlet from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Owlet in a report on Thursday, January 22nd. TD Cowen reissued a “buy” rating on shares of Owlet in a research report on Friday, March 6th. William Blair started coverage on shares of Owlet in a research note on Tuesday, December 9th. They set an “outperform” rating on the stock. Finally, Northland Securities set a $20.00 target price on shares of Owlet and gave the stock an “outperform” rating in a research 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.00.

Owlet Stock Performance

Owlet stock opened at $5.57 on Friday. 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 $95.15 million, a price-to-earnings ratio of -2.06 and a beta of 1.77. The stock has a fifty day moving average of $11.85 and a two-hundred day moving average of $11.00. 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 (NYSE:OWLT) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.10. The company had revenue of $26.55 million during the quarter, compared to analysts’ expectations of $26.01 million. On average, analysts anticipate that Owlet will post -0.76 EPS for the current fiscal year.

Insider Buying and Selling

In other Owlet news, CEO Jonathan Harris sold 2,311 shares of Owlet 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 owned 264,396 shares in the company, valued at $3,524,398.68. The trade was a 0.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 52.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Owlet

Several hedge funds have recently modified their holdings of OWLT. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Owlet in the fourth quarter valued at approximately $60,000. Bank of America Corp DE raised its stake in Owlet by 6,517.7% during the third quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock worth $44,000 after purchasing an additional 5,149 shares during the period. XTX Topco Ltd purchased a new position in Owlet during the second quarter worth approximately $90,000. Goldman Sachs Group Inc. acquired a new position in shares of Owlet in the 1st quarter valued at $43,000. Finally, Charles Schwab Investment Management Inc. acquired a new position in shares of Owlet in the 4th quarter valued at $242,000. 72.60% of the stock is owned by institutional investors and hedge funds.

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.