Owlet (NYSE:OWLT) Shares Down 4.9% – Here’s What Happened

Shares of Owlet, Inc. (NYSE:OWLT) traded down 4.9% during mid-day trading on Wednesday . The stock traded as low as $4.46 and last traded at $4.46. 217,889 shares changed hands during trading, an increase of 583% from the average session volume of 31,885 shares. The stock had previously closed at $4.69.

Owlet Stock Down 4.9 %

The firm has a fifty day simple moving average of $4.89 and a 200-day simple moving average of $4.53. The company has a market cap of $71.52 million, a PE ratio of -1.87 and a beta of 1.50.

Institutional Investors Weigh In On Owlet

Several large investors have recently modified their holdings of OWLT. Corsair Capital Management L.P. purchased a new position in shares of Owlet during the third quarter worth about $2,598,000. Rosalind Advisors Inc. purchased a new stake in Owlet during the 3rd quarter valued at approximately $1,212,000. Finally, Geode Capital Management LLC lifted 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 worth $264,000 after acquiring an additional 13,879 shares during the period. 72.60% of the stock is owned by institutional investors and hedge funds.

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.