Owlet, Inc. (NYSE:OWLT) Sees Large Increase in Short Interest

Owlet, Inc. (NYSE:OWLT) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 564,783 shares, a growth of 33.7% from the December 15th total of 422,275 shares. Based on an average daily trading volume, of 353,269 shares, the days-to-cover ratio is presently 1.6 days. Currently, 6.9% of the company’s shares are short sold. Currently, 6.9% of the company’s shares are short sold. Based on an average daily trading volume, of 353,269 shares, the days-to-cover ratio is presently 1.6 days.

Owlet Stock Up 0.6%

OWLT traded up $0.09 during trading on Friday, hitting $13.69. The company’s stock had a trading volume of 228,352 shares, compared to its average volume of 298,423. The firm has a market capitalization of $233.74 million, a P/E ratio of -4.64 and a beta of 1.78. Owlet has a twelve month low of $2.75 and a twelve month high of $16.94. The stock’s fifty day moving average price is $13.74 and its 200-day moving average price is $10.14.

Owlet (NYSE:OWLT) last released its quarterly earnings data on Thursday, November 13th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.26. The company had revenue of $31.99 million during the quarter, compared to the consensus estimate of $26.00 million. Equities research analysts expect that Owlet will post -0.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Owlet in a report on Wednesday, October 8th. Northland Securities set a $20.00 price objective on Owlet and gave the stock an “outperform” rating in a research note on Tuesday, December 30th. William Blair started coverage on Owlet in a report on Tuesday, December 9th. They issued an “outperform” rating on the stock. Zacks Research upgraded shares of Owlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 19th. Finally, Wall Street Zen raised shares of Owlet from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Owlet currently has a consensus rating of “Buy” and an average target price of $14.25.

Hedge Funds Weigh In On Owlet

Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE grew its stake 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 buying an additional 5,149 shares during the period. XTX Topco Ltd bought a new position in Owlet in the second quarter worth approximately $90,000. Goldman Sachs Group Inc. acquired a new stake in Owlet in the first quarter valued at approximately $43,000. Marshall Wace LLP acquired a new stake in Owlet in the second quarter valued at approximately $336,000. Finally, Archon Capital Management LLC bought a new stake in shares of Owlet during the second quarter valued at approximately $442,000. Institutional investors and hedge funds 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.