Granahan Investment Management LLC Increases Stake in Owlet, Inc. $OWLT

Granahan Investment Management LLC lifted its position in Owlet, Inc. (NYSE:OWLT) by 135.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 509,904 shares of the company’s stock after buying an additional 293,771 shares during the period. Granahan Investment Management LLC’s holdings in Owlet were worth $4,319,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Owlet by 86.3% during the 3rd 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 in the last quarter. Next Century Growth Investors LLC bought a new stake in shares of Owlet in the 2nd quarter valued at about $1,653,000. Archon Capital Management LLC bought a new stake in shares of Owlet in the 2nd quarter valued at about $442,000. Marshall Wace LLP purchased a new stake in shares of Owlet in the 2nd quarter worth approximately $336,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Owlet during the first quarter valued at approximately $43,000. 72.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity 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 sale, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 52.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OWLT. William Blair began coverage on shares of Owlet in a report on Tuesday, December 9th. They set an “outperform” rating on the stock. TD Cowen restated a “buy” rating on shares of Owlet in a report on Friday, March 6th. Wall Street Zen cut Owlet from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Owlet in a report on Thursday, January 22nd. Finally, Zacks Research cut Owlet from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $20.00.

Owlet Trading Down 1.1%

NYSE OWLT opened at $5.51 on Tuesday. Owlet, Inc. has a 52 week low of $2.75 and a 52 week high of $16.94. The company has a 50 day moving average price of $11.63 and a 200 day moving average price of $10.99. The company has a quick ratio of 1.51, a current ratio of 1.85 and a debt-to-equity ratio of 0.13. The firm has a market cap of $94.11 million, a PE ratio of -2.03 and a beta of 1.77.

Owlet (NYSE:OWLT) last announced its earnings results on Thursday, March 5th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.10. The firm had revenue of $26.55 million during the quarter, compared to analyst estimates of $26.01 million. As a group, sell-side analysts forecast that Owlet, Inc. will post -0.76 EPS for the current fiscal year.

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.