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

Lake Street Capital assumed coverage on shares of Owlet (NYSE:OWLT) in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage set a “buy” rating and a $8.50 price target on the stock. Lake Street Capital’s target price suggests a potential upside of 62.99% from the company’s current price.

Owlet Trading Up 5.1 %

Shares of NYSE:OWLT opened at $5.22 on Friday. The company has a market capitalization of $83.65 million, a price-to-earnings ratio of -2.18 and a beta of 1.50. Owlet has a 12 month low of $3.20 and a 12 month high of $6.25. The firm’s 50-day moving average is $4.61 and its 200 day moving average is $4.66.

Insider Activity at Owlet

In related news, insider Jonathan Harris sold 16,439 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $4.45, for a total transaction of $73,153.55. Following the transaction, the insider now directly owns 288,617 shares in the company, valued at approximately $1,284,345.65. This represents a 5.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 25,254 shares of company stock worth $111,558. Insiders own 67.07% of the company’s stock.

Hedge Funds Weigh In On Owlet

A number of hedge funds have recently added to or reduced their stakes in the stock. Corsair Capital Management L.P. bought a new position in Owlet in the 3rd quarter worth about $2,598,000. Rosalind Advisors Inc. bought a new position in Owlet in the 3rd quarter worth about $1,212,000. Geode Capital Management LLC grew its stake in Owlet by 31.0% in the 3rd quarter. Geode Capital Management LLC now owns 58,684 shares of the company’s stock worth $264,000 after acquiring an additional 13,879 shares in the last quarter. Renaissance Technologies LLC grew its stake in Owlet by 52.7% in 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. Finally, Northern Trust Corp grew its stake 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 acquiring an additional 18,169 shares in the last quarter. 72.60% of the stock is currently owned by 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.