Short Interest in Owlet, Inc. (NYSE:OWLT) Expands By 20.4%

Owlet, Inc. (NYSE:OWLT) was the target of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 658,508 shares, an increase of 20.4% from the February 26th total of 547,091 shares. Currently, 4.9% of the shares of the company are sold short. Based on an average daily trading volume, of 767,457 shares, the short-interest ratio is currently 0.9 days.

Insider Activity at Owlet

In other news, CEO Jonathan Harris sold 2,311 shares of Owlet stock in a transaction on Tuesday, January 20th. The shares were 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 directly owned 264,396 shares in the company, valued at approximately $3,524,398.68. The trade was a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 52.20% of the company’s stock.

Hedge Funds Weigh In On Owlet

Several institutional investors and hedge funds have recently modified their holdings of the stock. Eclipse Operations LLC acquired a new stake in Owlet during the fourth quarter worth about $124,677,000. AWM Investment Company Inc. acquired a new position in Owlet in the fourth quarter valued at approximately $28,304,000. Granahan Investment Management LLC lifted its holdings in Owlet by 135.9% in the third quarter. Granahan Investment Management LLC now owns 509,904 shares of the company’s stock valued at $4,319,000 after acquiring an additional 293,771 shares during the period. Russell Investments Group Ltd. purchased a new stake in Owlet in the 4th quarter worth approximately $3,662,000. Finally, Next Century Growth Investors LLC purchased a new stake in Owlet in the 2nd quarter worth approximately $1,653,000. Institutional investors and hedge funds own 72.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OWLT shares. William Blair assumed coverage on Owlet in a research report on Tuesday, December 9th. They issued an “outperform” rating on the stock. Wall Street Zen cut Owlet from a “hold” rating to a “sell” rating in a research report on Saturday, March 14th. TD Cowen reiterated a “buy” rating on shares of Owlet in a research note on Friday, March 6th. Northland Securities set a $20.00 price objective on Owlet and gave the company an “outperform” rating in a report on Tuesday, December 30th. 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 data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.00.

Owlet Stock Down 1.1%

NYSE:OWLT opened at $5.09 on Thursday. The firm has a market capitalization of $143.22 million, a P/E ratio of -1.88 and a beta of 2.00. Owlet has a 1-year low of $2.75 and a 1-year high of $16.94. The company’s fifty day moving average price is $9.39 and its 200-day moving average price is $10.78. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.85 and a quick ratio of 1.51.

Owlet (NYSE:OWLT) last posted its earnings results on Thursday, March 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. The business had revenue of $26.55 million for the quarter, compared to analyst estimates of $26.01 million. As a group, equities research analysts anticipate that Owlet will post -0.76 EPS for the current year.

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.