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

Perkins Capital Management Inc. bought a new position in shares of Owlet, Inc. (NYSE:OWLT) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 102,105 shares of the company’s stock, valued at approximately $1,653,000. Owlet comprises about 1.3% of Perkins Capital Management Inc.’s holdings, making the stock its 22nd largest holding.

Several other hedge funds have also added to or reduced their stakes in OWLT. Granahan Investment Management LLC raised its holdings in Owlet by 135.9% during the 3rd quarter. Granahan Investment Management LLC now owns 509,904 shares of the company’s stock worth $4,319,000 after purchasing an additional 293,771 shares during the last quarter. Vanguard Group Inc. raised its stake 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 last quarter. Calamos Advisors LLC bought a new stake in shares of Owlet during the fourth quarter worth approximately $1,259,000. Huntleigh Advisors Inc. acquired a new position in Owlet in the fourth quarter valued at approximately $1,069,000. Finally, Marshall Wace LLP bought a new position in Owlet in the second quarter valued at approximately $336,000. Institutional investors own 72.60% of the company’s stock.

Analyst Ratings Changes

OWLT has been the subject of a number of analyst reports. TD Cowen reaffirmed a “buy” rating on shares of Owlet in a report on Friday, March 6th. Wall Street Zen raised Owlet from a “strong sell” rating to a “sell” rating in a research note on Sunday. Zacks Research lowered Owlet from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Finally, Weiss Ratings cut Owlet from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $20.00.

Owlet Price Performance

Shares of OWLT stock opened at $5.92 on Wednesday. The company has a quick ratio of 1.51, a current ratio of 1.85 and a debt-to-equity ratio of 0.13. Owlet, Inc. has a 12-month low of $4.19 and a 12-month high of $16.94. The firm has a fifty day moving average of $5.91 and a 200-day moving average of $10.21. The firm has a market capitalization of $166.82 million, a price-to-earnings ratio of -1.93 and a beta of 1.84.

Owlet (NYSE:OWLT) last posted its earnings results on Thursday, May 7th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.09. The business had revenue of $22.46 million for the quarter, compared to the consensus estimate of $20.84 million. On average, equities research analysts forecast that Owlet, Inc. will post -0.63 earnings per share for the current year.

Insider Buying and Selling at Owlet

In other news, CFO Amanda Crawford sold 6,892 shares of Owlet stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $11.50, for a total value of $79,258.00. Following the sale, the chief financial officer directly owned 212,800 shares in the company, valued at $2,447,200. This trade represents a 3.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 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 transaction, the chief executive officer owned 339,336 shares of the company’s stock, valued at approximately $3,902,364. This represents a 3.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 23,108 shares of company stock valued at $262,733 in the last three months. 52.20% of the stock is owned by insiders.

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.