Owlet (NYSE:OWLT) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Owlet (NYSE:OWLT) from a hold rating to a buy rating in a report published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $2.50 target price on the stock.

According to Zacks, “Owlet Baby Care Inc. provides digital parenting platform aims to give parents real-time data and insights to help parents feel more calm and confident. Owlet Baby Care Inc., formerly known as Sandbridge Acquisition Corporation, is based in LOS ANGELES. “

A number of other analysts also recently weighed in on OWLT. Citigroup dropped their target price on Owlet from $12.00 to $5.00 and set a neutral rating for the company in a research report on Wednesday, October 6th. Bank of America downgraded Owlet from a buy rating to a neutral rating and dropped their target price for the stock from $8.50 to $5.50 in a research report on Tuesday, October 5th.

Shares of OWLT opened at $2.22 on Wednesday. The company has a quick ratio of 2.60, a current ratio of 2.78 and a debt-to-equity ratio of 0.12. The firm’s 50-day simple moving average is $3.47. Owlet has a 12-month low of $2.18 and a 12-month high of $11.56.

Owlet (NYSE:OWLT) last issued its quarterly earnings results on Tuesday, November 16th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.07). The firm had revenue of $31.51 million during the quarter. On average, equities analysts forecast that Owlet will post -0.61 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new stake in Owlet in the third quarter valued at approximately $157,000. BlueCrest Capital Management Ltd bought a new stake in Owlet in the third quarter valued at approximately $1,118,000. Cubist Systematic Strategies LLC bought a new stake in Owlet in the third quarter valued at approximately $491,000. Capstone Investment Advisors LLC bought a new stake in Owlet in the third quarter valued at approximately $94,000. Finally, Morgan Stanley bought a new stake in Owlet in the third quarter valued at approximately $52,000. Hedge funds and other institutional investors own 11.24% of the company’s stock.

Owlet Company Profile

Sandbridge Acquisition Corporation have entered into a definitive merger agreement with Owlet Baby Care Inc

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