Granahan Investment Management LLC Buys 293,771 Shares of Owlet, Inc. $OWLT

Granahan Investment Management LLC boosted its stake in shares of Owlet, Inc. (NYSE:OWLT) by 135.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 509,904 shares of the company’s stock after buying an additional 293,771 shares during the period. Granahan Investment Management LLC owned approximately 2.99% of Owlet worth $4,319,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. purchased a new stake in shares of Owlet in the first quarter valued at $43,000. Bank of America Corp DE boosted its stake in shares of Owlet by 6,517.7% during the 3rd quarter. Bank of America Corp DE now owns 5,228 shares of the company’s stock worth $44,000 after purchasing an additional 5,149 shares during the period. XTX Topco Ltd purchased a new position in shares of Owlet during the 2nd quarter worth about $90,000. Marshall Wace LLP bought a new position in Owlet during the 2nd quarter valued at about $336,000. Finally, Archon Capital Management LLC bought a new position in Owlet during the 2nd quarter valued at about $442,000. 72.60% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Owlet

In related news, CEO Jonathan Harris sold 2,311 shares of the stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $13.33, for a total value of $30,805.63. Following the transaction, the chief executive officer owned 264,396 shares of the company’s stock, valued at $3,524,398.68. This represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 52.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

OWLT has been the subject of several analyst reports. Northland Securities set a $20.00 price objective on shares of Owlet and gave the stock an “outperform” rating in a research note on Tuesday, December 30th. William Blair started coverage on Owlet in a research note on Tuesday, December 9th. They set an “outperform” rating on the stock. Zacks Research downgraded Owlet from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Owlet in a research note on Thursday, January 22nd. Finally, Wall Street Zen cut Owlet from a “hold” rating to a “sell” rating in a report on Saturday. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.00.

Owlet Price Performance

Owlet stock opened at $5.51 on Tuesday. The stock has a market cap of $94.11 million, a price-to-earnings ratio of -2.03 and a beta of 1.77. 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 1 year low of $2.75 and a 1 year high of $16.94. The firm has a 50-day moving average of $11.63 and a two-hundred day moving average of $10.99.

Owlet (NYSE:OWLT) last issued its earnings results on Thursday, March 5th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.10. The company had revenue of $26.55 million for the quarter, compared to analysts’ expectations of $26.01 million. On average, research analysts forecast that Owlet, Inc. will post -0.76 earnings per share for the current year.

Owlet 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.