Owlet (NYSE:OWLT) Stock Price Down 8.6% – What’s Next?

Owlet, Inc. (NYSE:OWLT) was down 8.6% during mid-day trading on Friday . The stock traded as low as $4.61 and last traded at $4.67. Approximately 397,668 shares changed hands during trading, an increase of 69% from the average daily volume of 234,714 shares. The stock had previously closed at $5.11.

Analyst Ratings Changes

Several analysts recently issued reports on OWLT shares. Weiss Ratings downgraded shares of Owlet from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. TD Cowen reaffirmed a “buy” rating on shares of Owlet in a report on Friday, March 6th. Wall Street Zen raised shares of Owlet from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Zacks Research downgraded shares of Owlet from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Owlet has an average rating of “Hold” and an average price target of $20.00.

Owlet Trading Down 8.6%

The company has a current ratio of 1.71, a quick ratio of 1.33 and a debt-to-equity ratio of 0.09. The business’s fifty day simple moving average is $5.35 and its two-hundred day simple moving average is $9.72. The stock has a market capitalization of $135.43 million, a P/E ratio of -1.52 and a beta of 1.85.

Owlet (NYSE:OWLT) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.09. The company had revenue of $22.46 million during the quarter, compared to the consensus estimate of $20.84 million. As a group, analysts forecast that Owlet, Inc. will post -0.37 earnings per share for the current year.

Institutional Trading of Owlet

A number of hedge funds have recently bought and sold shares of OWLT. Eclipse Operations LLC bought a new stake in Owlet in the 4th quarter valued at $124,677,000. AWM Investment Company Inc. bought a new stake in Owlet in the 4th quarter valued at $28,304,000. Granahan Investment Management LLC boosted its holdings in Owlet by 72.8% in the 1st quarter. Granahan Investment Management LLC now owns 1,186,655 shares of the company’s stock valued at $6,099,000 after purchasing an additional 499,906 shares during the period. Russell Investments Group Ltd. bought a new stake in Owlet in the 4th quarter valued at $3,662,000. Finally, Vanguard Group Inc. boosted its holdings in Owlet by 86.3% in the 3rd quarter. Vanguard Group Inc. now owns 389,840 shares of the company’s stock valued at $3,302,000 after purchasing an additional 180,619 shares during the period. 72.60% of the stock is owned by institutional investors.

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.