Owlet (NYSE:OWLT) Stock Price Down 8.6% – Time to Sell?

Owlet, Inc. (NYSE:OWLT)’s stock price traded down 8.6% during trading on Friday . The stock traded as low as $4.61 and last traded at $4.67. 397,668 shares were traded during trading, an increase of 69% from the average session volume of 234,714 shares. The stock had previously closed at $5.11.

Analyst Upgrades and Downgrades

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

Owlet Stock Down 8.6%

The company has a market capitalization of $135.43 million, a PE ratio of -1.52 and a beta of 1.85. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.33 and a current ratio of 1.71. The stock’s 50 day moving average is $5.35 and its 200 day moving average is $9.72.

Owlet (NYSE:OWLT) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.09. The business had revenue of $22.46 million for the quarter, compared to analysts’ expectations of $20.84 million. On average, sell-side analysts anticipate that Owlet, Inc. will post -0.37 EPS for the current fiscal year.

Institutional Trading of Owlet

A number of institutional investors have recently modified their holdings of the business. Bank of America Corp DE boosted its holdings in Owlet by 446.1% in the 1st quarter. Bank of America Corp DE now owns 96,241 shares of the company’s stock valued at $495,000 after purchasing an additional 78,619 shares during the period. Granahan Investment Management LLC boosted its stake in Owlet by 72.8% during the first quarter. Granahan Investment Management LLC now owns 1,186,655 shares of the company’s stock valued at $6,099,000 after buying an additional 499,906 shares during the period. Walleye Capital LLC purchased a new position in Owlet during the first quarter worth about $343,000. State of Wyoming purchased a new position in Owlet during the first quarter worth about $220,000. Finally, Perkins Capital Management Inc. grew its position in Owlet by 3.9% during the first quarter. Perkins Capital Management Inc. now owns 106,095 shares of the company’s stock worth $545,000 after buying an additional 3,990 shares in the last quarter. 72.60% of the stock is currently owned by hedge funds and other institutional investors.

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.