Jonathan Harris Sells 3,315 Shares of Owlet (NYSE:OWLT) Stock

Owlet, Inc. (NYSE:OWLT) CEO Jonathan Harris sold 3,315 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $7.72, for a total transaction of $25,591.80. Following the transaction, the chief executive officer directly owned 259,136 shares in the company, valued at $2,000,529.92. The trade was a 1.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 stock was sold at an average price of $11.50, for a total transaction 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 transaction of $37,701.00.

Owlet Stock Up 1.7%

Shares of OWLT stock traded up $0.08 during trading hours on Thursday, hitting $4.94. 211,452 shares of the company were exchanged, compared to its average volume of 310,038. 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, Inc. has a one year low of $3.78 and a one year high of $16.94. The business’s 50-day simple moving average is $6.75 and its two-hundred day simple moving average is $10.36. The stock has a market capitalization of $139.19 million, a price-to-earnings ratio of -1.82 and a beta of 2.00.

Owlet (NYSE:OWLT) last issued its quarterly earnings results on Thursday, March 5th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.10. The company had revenue of $26.55 million for the quarter, compared to the consensus estimate of $26.01 million. Sell-side analysts predict that Owlet, Inc. will post -0.63 EPS for the current fiscal year.

Key Headlines Impacting Owlet

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

Analysts Set New Price Targets

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

Institutional Trading of Owlet

Large investors have recently modified their holdings of the company. Eclipse Operations LLC bought a new stake in Owlet in the 4th quarter valued at about $124,677,000. AWM Investment Company Inc. bought a new position in Owlet in the 4th quarter worth about $28,304,000. Granahan Investment Management LLC increased its stake in shares of Owlet by 34.7% in the fourth quarter. Granahan Investment Management LLC now owns 686,749 shares of the company’s stock valued at $11,118,000 after purchasing an additional 176,845 shares during the period. Next Century Growth Investors LLC raised its holdings in shares of Owlet by 18.4% during the fourth quarter. Next Century Growth Investors LLC now owns 484,908 shares of the company’s stock valued at $7,851,000 after buying an additional 75,408 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Owlet by 86.3% during the third quarter. Vanguard Group Inc. now owns 389,840 shares of the company’s stock worth $3,302,000 after buying an additional 180,619 shares during the period. 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.