Perkins Capital Management Inc. Invests $1.65 Million in Owlet, Inc. $OWLT

Perkins Capital Management Inc. purchased a new position in Owlet, Inc. (NYSE:OWLT) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 102,105 shares of the company’s stock, valued at approximately $1,653,000. Owlet accounts for 1.3% of Perkins Capital Management Inc.’s holdings, making the stock its 22nd largest position. Perkins Capital Management Inc. owned approximately 0.60% of Owlet as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Goldman Sachs Group Inc. acquired a new stake in shares of Owlet in the first quarter worth $43,000. XTX Topco Ltd bought a new stake in Owlet in the 2nd quarter valued at $90,000. Marshall Wace LLP bought a new stake in Owlet in the 2nd quarter valued at $336,000. Vanguard Group Inc. grew its position in Owlet by 86.3% in the 3rd quarter. Vanguard Group Inc. now owns 389,840 shares of the company’s stock worth $3,302,000 after purchasing an additional 180,619 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Owlet by 6,517.7% during the 3rd quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock worth $44,000 after purchasing an additional 5,149 shares during the period. 72.60% of the stock is currently owned by institutional investors and hedge funds.

Owlet Price Performance

Shares of OWLT stock opened at $5.92 on Wednesday. The stock’s fifty day simple moving average is $5.91 and its 200 day simple moving average is $10.21. Owlet, Inc. has a one year low of $4.19 and a one year high of $16.94. The firm has a market cap of $166.82 million, a price-to-earnings ratio of -1.93 and a beta of 1.84. 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 issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.09. The company had revenue of $22.46 million for the quarter, compared to the consensus estimate of $20.84 million. On average, analysts expect that Owlet, Inc. will post -0.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on OWLT. TD Cowen reiterated a “buy” rating on shares of Owlet in a research note on Friday, March 6th. Wall Street Zen upgraded Owlet from a “strong sell” rating to a “sell” rating in a research report on Sunday. Zacks Research lowered Owlet from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Finally, Weiss Ratings lowered Owlet from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Insider Buying and Selling

In other news, CFO Amanda Crawford sold 6,892 shares of the stock in a transaction on Friday, February 27th. The stock was sold at an average price of $11.50, for a total transaction of $79,258.00. Following the sale, the chief financial officer owned 212,800 shares in the company, valued at approximately $2,447,200. This represents a 3.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jonathan Harris sold 12,676 shares of the firm’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $11.50, for a total value of $145,774.00. Following the completion of the sale, the chief executive officer owned 339,336 shares of the company’s stock, valued at approximately $3,902,364. This trade represents a 3.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 23,108 shares of company stock valued at $262,733 in the last quarter. 52.20% of the stock is currently owned by corporate insiders.

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.