Lake Street Capital Begins Coverage on Owlet (NYSE:OWLT)

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

Owlet Trading Up 5.1 %

OWLT opened at $5.22 on Friday. The stock has a 50-day moving average price of $4.61 and a 200-day moving average price of $4.65. Owlet has a 12-month low of $3.20 and a 12-month high of $6.25. The stock has a market capitalization of $83.63 million, a P/E ratio of -2.18 and a beta of 1.50.

Insider Transactions at Owlet

In other news, insider Jonathan Harris sold 7,740 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $4.30, for a total value of $33,282.00. Following the completion of the transaction, the insider now directly owns 280,877 shares in the company, valued at approximately $1,207,771.10. This represents a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders sold 25,254 shares of company stock worth $111,558. 67.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Owlet

Institutional investors have recently bought and sold shares of the stock. Corsair Capital Management L.P. purchased a new stake in Owlet during the 3rd quarter valued at about $2,598,000. Rosalind Advisors Inc. bought a new position in Owlet during the 3rd quarter valued at approximately $1,212,000. Geode Capital Management LLC raised its position in Owlet by 31.0% during the 3rd quarter. Geode Capital Management LLC now owns 58,684 shares of the company’s stock valued at $264,000 after purchasing an additional 13,879 shares during the last quarter. Northern Trust Corp lifted its holdings in Owlet by 68.4% in the 4th quarter. Northern Trust Corp now owns 44,750 shares of the company’s stock worth $199,000 after buying an additional 18,169 shares during the period. Finally, Granahan Investment Management LLC purchased a new stake in Owlet in the 4th quarter worth approximately $145,000. 72.60% of the stock is currently owned by hedge funds and other institutional investors.

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.