Geode Capital Management LLC recently announced the acquisition of new stake in Owlet Inc. (NYSE:OWLT). The institutional investor has increased its shareholding in the Healthcare company by 0.23% to 0.77 million shares with purchase of 1780.0 shares. This fresh investment now brings its stake to 0.67% valued currently at $0.43 million. In addition, SSgA Funds Management, Inc. raised its holdings by 64200.0 to 0.48 million shares.
With over 0.28 million Owlet Inc. (OWLT) shares trading Friday and a closing price of $0.54 on the day, the dollar volume was approximately $0.15 million. The shares have shown a negative half year performance of -74.65% and its price on 01/20/23 lost nearly -5.28%. Currently, there are 111.78M common shares owned by the public and among those 101.08M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $3.00 and a low of $1.00. The average price target is 69.49% above its recent price level and an upside to the estimated low will see the stock gain 46.0% over that period. But an upside of 82.0% will see the stock hit the forecast high price target while median target price for the stock is $1.30.
The top 3 mutual fund holders in Owlet Inc. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Fidelity Extended Market Index Fu. Vanguard Total Stock Market Index owns 2.18 million shares of the company’s stock, all valued at over $1.22 million. Vanguard Extended Market Index Fu sold 1951.0 shares to see its total holdings shrink to 0.92 million shares valued at over $0.52 million and representing 0.80% of the shares outstanding. Fidelity Extended Market Index Fu now owns shares totaling to 0.31% of the shares outstanding.
Shares of Owlet Inc. (NYSE: OWLT) opened at $0.5989, up $0.03 from a prior closing price of $0.57. However, the script later moved the day high at 0.5990, down -5.28%. The company’s stock has a 5-day price change of -12.34% and -46.53% over the past three months. OWLT shares are trading -3.42% year to date (YTD), with the 12-month market performance down to -72.73% lower. It has a 12-month low price of $0.54 and touched a high of $5.35 over the same period. OWLT has an average intraday trading volume of 107.46K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -13.47%, -28.39%, and -72.33% respectively.
Institutional ownership of Owlet Inc. (NYSE: OWLT) shares accounts for 40.70% of the company’s 111.78M shares outstanding. Mutual fund holders own 5.03%, while other institutional holders and individual stakeholders account for 6.40% and 4.34% respectively.
It has a market capitalization of $65.50M. The earnings-per-share (ttm) stands at -$0.75. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.09% over the week and 12.81% over the month.
Analysts forecast that Owlet Inc. (OWLT) will achieve an EPS of -$0.14 for the current quarter, -$0.09 for the next quarter and -$0.33 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.22 while analysts give the company a high EPS estimate of -$0.08. Comparatively, EPS for the current quarter was -$0.13 a year ago. Earnings per share for the fiscal year are expected to decrease by -580.10%, and 61.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Owlet Inc. (OWLT) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 2 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the OWLT, a number of firms have released research notes about the stock. BofA Securities stated their Neutral rating for the stock in a research note on October 05, 2021, with the firm’s price target at $8.50-$5.50. BofA Securities coverage for the Owlet Inc. (OWLT) stock in a research note released on September 08, 2021 offered a Buy rating with a price target of $8.50. Citigroup was of a view on August 05, 2021 that the stock is Neutral, while Cowen gave the stock Outperform rating on July 26, 2021, issuing a price target of $14.
