Insider Selling: Owlet (NYSE:OWLT) CEO Sells 1,851 Shares of Stock

Owlet, Inc. (NYSE:OWLT) CEO Jonathan Harris sold 1,851 shares of the stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $8.75, for a total value of $16,196.25. Following the completion of the sale, the chief executive officer directly owned 317,309 shares in the company, valued at $2,776,453.75. This represents a 0.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Jonathan Harris also recently made the following trade(s):

• On Thursday, February 26th, Jonathan Harris sold 12,676 shares of Owlet stock. The shares were sold at an average price of $11.50, for a total value of $145,774.00.
• On Tuesday, February 17th, Jonathan Harris sold 3,540 shares of Owlet stock. The stock was sold at an average price of $10.65, for a total value of $37,701.00.

Owlet Stock Up 1.7%

Shares of NYSE OWLT traded up $0.08 during midday trading on Thursday, hitting $4.94. 211,452 shares of the company’s stock were exchanged, compared to its average volume of 310,038. 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, Inc. has a twelve month low of $3.78 and a twelve month high of $16.94. The company has a market cap of $139.19 million, a PE ratio of -1.82 and a beta of 2.00. The firm’s fifty day simple moving average is $6.75 and its 200-day simple moving average is $10.36.

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. Research analysts predict that Owlet, Inc. will post -0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of OWLT. Goldman Sachs Group Inc. purchased a new position in shares of Owlet in the 1st quarter valued at approximately $43,000. Bank of America Corp DE grew its stake in shares of Owlet by 6,517.7% in the 3rd quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock valued at $44,000 after purchasing an additional 5,149 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Owlet in the 4th quarter valued at approximately $60,000. XTX Topco Ltd purchased a new position in shares of Owlet in the 2nd quarter valued at approximately $90,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in shares of Owlet in the 4th quarter valued at approximately $242,000. 72.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OWLT has been the topic of several research analyst reports. TD Cowen reissued a “buy” rating on shares of Owlet in a research report on Friday, March 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Owlet in a research note on Tuesday, April 21st. Wall Street Zen downgraded Owlet from a “hold” rating to a “sell” rating in a research note on Saturday, March 14th. Finally, Zacks Research downgraded Owlet from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Owlet presently has an average rating of “Hold” and an average target price of $20.00.

More Owlet News

Here are the key news stories impacting Owlet this week:

• Neutral Sentiment: Multiple small insider “sell-to-cover” transactions by company executives are routine and largely intended to cover tax withholding on vested awards; these reduce the negative signal versus open-market deliberate divestitures. Representative filing for several of the CFO’s trades is here: SEC Filings (CFO)
• Negative Sentiment: Large insider sale by CEO Kurt Workman — he sold 49,056 shares ( ~11.4% reduction at the time) in October, a sizable block that can be interpreted negatively by investors even if described as tax-related. Filing: Workman SEC Filing
• Negative Sentiment: Significant sales by other senior executives — CEO Jonathan Harris sold 12,676 shares on Feb. 26 (material size) and CFO Amanda Crawford sold 6,892 shares on Feb. 27; both transactions were disclosed as covering tax withholding but reduce insider ownership and can pressure sentiment. Harris filing: Harris SEC Filing — Crawford filing: Crawford SEC Filing
• Negative Sentiment: Analyst preview (Zacks) expects Q1 earnings to decline, signaling downside to near-term fundamentals and raising the risk of an earnings miss or guidance cut — this is a direct negative pressure on valuation and near-term sentiment. Earnings Preview: Zacks

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.