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

Owlet, Inc. (NYSE:OWLT) was the recipient of a large growth in short interest in March. As of March 13th, there was short interest totaling 658,508 shares, a growth of 20.4% from the February 26th total of 547,091 shares. Based on an average daily volume of 767,457 shares, the days-to-cover ratio is currently 0.9 days. Currently, 4.9% of the company’s stock are sold short.

Owlet Stock Up 13.4%

Shares of NYSE:OWLT traded up $0.61 on Tuesday, hitting $5.14. 292,947 shares of the company’s stock were exchanged, compared to its average volume of 339,781. The firm’s 50-day moving average is $9.73 and its 200 day moving average is $10.84. The company has a market capitalization of $144.69 million, a PE ratio of -1.90 and a beta of 1.77. Owlet has a 1-year low of $2.75 and a 1-year high of $16.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.51 and a current ratio of 1.85.

Owlet (NYSE:OWLT) last issued its earnings results on Thursday, March 5th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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. Sell-side analysts predict that Owlet will post -0.76 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on OWLT. Wall Street Zen downgraded Owlet from a “hold” rating to a “sell” rating in a research report on Saturday, March 14th. Northland Securities set a $20.00 target price on shares of Owlet and gave the company an “outperform” rating in a report on Tuesday, December 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Owlet in a report on Thursday, January 22nd. Zacks Research downgraded shares of Owlet from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Finally, TD Cowen restated a “buy” rating on shares of Owlet in a report on Friday, March 6th. Three 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.com, the company currently has a consensus rating of “Hold” and an average target price of $20.00.

Insiders Place Their Bets

In other Owlet news, CEO Jonathan Harris sold 2,311 shares of the stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $13.33, for a total value of $30,805.63. Following the sale, the chief executive officer owned 264,396 shares of the company’s stock, valued at $3,524,398.68. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 52.20% of the stock is currently owned by company insiders.

Institutional Trading of Owlet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OWLT. Goldman Sachs Group Inc. acquired a new position in shares of Owlet in the 1st quarter valued at $43,000. XTX Topco Ltd acquired a new position in Owlet in the second quarter valued at $90,000. Marshall Wace LLP purchased a new position in shares of Owlet during the second quarter worth about $336,000. Archon Capital Management LLC purchased a new position in shares of Owlet during the second quarter worth about $442,000. Finally, Next Century Growth Investors LLC acquired a new stake in shares of Owlet during the second quarter worth about $1,653,000. Institutional investors and hedge funds own 72.60% of the company’s stock.

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.