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

Stock analysts at Lake Street Capital began coverage on shares of Owlet (NYSE:OWLT - Get Free Report) in a note issued to investors on Friday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $8.50 price target on the stock. Lake Street Capital's target price indicates a potential upside of 70.92% from the company's current price.

Owlet Price Performance

Shares of NYSE:OWLT traded down $0.09 during trading on Friday, hitting $4.97. 21,829 shares of the company were exchanged, compared to its average volume of 31,276. The firm's 50 day moving average price is $4.62 and its 200-day moving average price is $4.67. Owlet has a 12-month low of $3.20 and a 12-month high of $6.25. The stock has a market capitalization of $79.75 million, a P/E ratio of -2.08 and a beta of 1.51.

Insider Buying and Selling at Owlet

In other Owlet news, insider Jonathan Harris sold 7,740 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $4.30, for a total transaction of $33,282.00. Following the completion of the sale, the insider now directly owns 280,877 shares of the company's stock, valued at approximately $1,207,771.10. This trade represents a 2.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over 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.

Institutional Investors Weigh In On Owlet

A number of institutional investors have recently added to or reduced their stakes in the business. Rosalind Advisors Inc. purchased a new position in shares of Owlet in the 3rd quarter valued at about $1,212,000. Corsair Capital Management L.P. acquired a new position in Owlet during the third quarter worth about $2,598,000. Geode Capital Management LLC increased its holdings in Owlet by 31.0% in the third quarter. Geode Capital Management LLC now owns 58,684 shares of the company's stock valued at $264,000 after buying an additional 13,879 shares in the last quarter. Essex Investment Management Co. LLC acquired a new stake in shares of Owlet during the 4th quarter valued at approximately $113,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Owlet by 52.7% during the 4th quarter. Renaissance Technologies LLC now owns 48,437 shares of the company's stock worth $216,000 after acquiring an additional 16,718 shares in the last quarter. Hedge funds and other institutional investors own 72.60% of the company's stock.

About Owlet

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.