Owlet (NYSE:OWLT) Posts Quarterly Earnings Results

Owlet (NYSE:OWLT) announced its quarterly earnings data on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.10, FiscalAI reports. The company had revenue of $26.60 million for the quarter, compared to the consensus estimate of $26.01 million.

Owlet Stock Performance

OWLT traded down $0.09 on Thursday, reaching $11.79. The company had a trading volume of 388,701 shares, compared to its average volume of 235,600. Owlet has a fifty-two week low of $2.75 and a fifty-two week high of $16.94. The stock has a market cap of $201.37 million, a P/E ratio of -4.00 and a beta of 1.77. The company’s fifty day moving average is $13.10 and its 200 day moving average is $11.00.

Insider Transactions at Owlet

In other news, CEO Jonathan Harris sold 2,311 shares of the business’s stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 52.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Owlet

Hedge funds have recently bought and sold shares of the company. Informed Momentum Co LLC lifted its holdings in shares of Owlet by 1.6% during the 4th quarter. Informed Momentum Co LLC now owns 112,893 shares of the company’s stock worth $1,828,000 after acquiring an additional 1,737 shares during the period. Bank of America Corp DE boosted its holdings in shares of Owlet by 6,517.7% in the 3rd quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock valued at $44,000 after purchasing an additional 5,149 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Owlet in the 2nd quarter valued at $90,000. Goldman Sachs Group Inc. acquired a new position in shares of Owlet during the 1st quarter worth $43,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in shares of Owlet during the 4th quarter worth $242,000. 72.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Owlet from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Zacks Research cut shares of Owlet from a “strong-buy” rating to a “hold” rating in a report on Monday. TD Cowen reiterated a “buy” rating on shares of Owlet in a research note on Thursday, January 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Owlet in a report on Thursday, January 22nd. Finally, William Blair initiated coverage on Owlet in a research note on Tuesday, December 9th. They issued an “outperform” rating on the stock. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Owlet has an average rating of “Hold” and an average price target of $20.00.

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.