Owlet (NYSE:OWLT) Now Covered by Lake Street Capital

Lake Street Capital assumed coverage on shares of Owlet (NYSE:OWLT) in a research report sent to investors on Friday morning,Benzinga reports. The firm issued a buy rating and a $8.50 target price on the stock.

Owlet Price Performance

Shares of OWLT opened at $5.22 on Friday. Owlet has a 1 year low of $3.20 and a 1 year high of $6.25. The firm has a market cap of $83.63 million, a PE ratio of -2.18 and a beta of 1.50. The stock’s fifty day moving average price is $4.61 and its two-hundred day moving average price is $4.65.

Insider Activity at Owlet

In related news, insider Jonathan Harris sold 16,439 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $4.45, for a total transaction of $73,153.55. Following the completion of the transaction, the insider now directly owns 288,617 shares in the company, valued at $1,284,345.65. The trade was a 5.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 25,254 shares of company stock worth $111,558. 67.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Owlet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in Owlet by 31.0% during the third quarter. Geode Capital Management LLC now owns 58,684 shares of the company’s stock worth $264,000 after buying an additional 13,879 shares in the last quarter. Renaissance Technologies LLC grew its position in Owlet by 52.7% during the fourth quarter. Renaissance Technologies LLC now owns 48,437 shares of the company’s stock worth $216,000 after buying an additional 16,718 shares in the last quarter. Northern Trust Corp grew its position in Owlet by 68.4% during the fourth quarter. Northern Trust Corp now owns 44,750 shares of the company’s stock worth $199,000 after buying an additional 18,169 shares in the last quarter. Essex Investment Management Co. LLC purchased a new position in Owlet during the fourth quarter worth about $113,000. Finally, Granahan Investment Management LLC purchased a new position in Owlet during the fourth quarter worth about $145,000. 72.60% of the stock is currently owned by hedge funds and other institutional investors.

Owlet Company Profile

Owlet, Inc provides digital parenting solutions in the United States and internationally. The company's platform focuses on giving real-time data and insights to parents. It offers Dream Sock, a wearable infant health monitor equipped with pulse oximetry technology to track vitals signs, such as pulse rate, oxygen, activity, and sleep patterns; BabySat which is intended for infants with heightened health risk; Owlet Cam, a monitoring device in smartphones that offers video and audio, predictive sleep insights, and cry detections; and accessories, including Owlet Sleeper, as well as Duo and Dream Duo that combines Smart Sock with the Owlet Cam.