Amanda Crawford, Chief Financial Officer of Owlet, Inc. (NYSE:OWLT), recently sold 182 shares of the company's common stock. The transaction, which took place on January 16, 2025, was executed at a price of $4.30 per share, resulting in a total sale value of $782. Following this transaction, Crawford holds 150,508 shares in the company. The baby monitoring technology company, with a market capitalization of $70 million, has shown impressive revenue growth of ~75% over the last twelve months. According to InvestingPro analysis, the stock currently appears undervalued relative to its Fair Value.
The sale was part of a non-discretionary transaction to cover taxes and fees related to the vesting and settlement of restricted stock units. InvestingPro analysis reveals that while the company operates with moderate debt levels and maintains a FAIR financial health score, it faces challenges with profitability. Discover more insights and access the comprehensive Pro Research Report, available for over 1,400 US stocks, to make more informed investment decisions.
In other recent news, Owlet Inc. reported a record Q3 revenue of $22.1 million, marking a 141% year-over-year increase. This impressive financial performance was primarily driven by global sales of the company's Dream Sock. The company's gross margins also hit a record 52.2%, reflecting six consecutive quarters of growth, while adjusted EBITDA turned positive at $0.6 million.
In addition to these developments, Owlet's strategic initiatives, such as expanding distribution through Amazon (NASDAQ:AMZN) and enhancing its medical sector presence with the BabySat monitor, played a significant role in the strong financial outcome. Furthermore, the company launched a beta subscription service, which has seen an 85% retention rate. Owlet ended the quarter with $21.5 million in cash and raised its 2024 revenue guidance to a range of $74 million to $77.5 million.
Despite these positive results, the company's operating expenses increased to $16.4 million, partly due to a $1.9 million non-cash impairment charge and rising marketing costs. The operating loss was reported at $4.8 million, albeit an improvement from the previous year's $7.9 million. However, Owlet executives remain confident in the company's market position and path toward profitability. These are recent developments in the company's financial performance.
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