Owlet (NYSE:OWLT) CEO Jonathan Harris Sells 12,676 Shares

Owlet, Inc. (NYSE:OWLT) CEO Jonathan Harris sold 12,676 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $11.50, for a total transaction of $145,774.00. Following the completion of the sale, the chief executive officer directly owned 339,336 shares of the company’s stock, valued at $3,902,364. The trade was a 3.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 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 Price Performance

OWLT stock traded up $0.08 during trading on Thursday, hitting $4.94. The company had a trading volume of 211,452 shares, compared to its average volume of 310,038. The firm has a market capitalization of $139.19 million, a price-to-earnings ratio of -1.82 and a beta of 2.00. The business has a 50 day moving average of $6.75 and a 200 day moving average of $10.36. Owlet, Inc. has a fifty-two week low of $3.78 and a fifty-two week high of $16.94. The company has a current ratio of 1.85, a quick ratio of 1.51 and a debt-to-equity ratio of 0.13.

Owlet (NYSE:OWLT) last posted its quarterly earnings data 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 company had revenue of $26.55 million during the quarter, compared to analyst estimates of $26.01 million. As a group, research analysts predict that Owlet, Inc. will post -0.63 earnings per share for the current year.

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

Institutional Trading of Owlet

Hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. purchased a new stake in Owlet during the first quarter valued at about $43,000. Bank of America Corp DE lifted its stake in Owlet by 6,517.7% during the third quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock valued at $44,000 after buying an additional 5,149 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Owlet during the fourth quarter valued at about $60,000. XTX Topco Ltd purchased a new stake in Owlet during the second quarter valued at about $90,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in Owlet during the fourth quarter valued at about $242,000. 72.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. TD Cowen reaffirmed a “buy” rating on shares of Owlet in a report on Friday, March 6th. Wall Street Zen downgraded shares of Owlet from a “hold” rating to a “sell” rating in a report on Saturday, March 14th. Zacks Research downgraded shares of Owlet from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. 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 assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $20.00.

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.