Jonathan Harris, the President and Chief Revenue Officer of Owlet, Inc. (NYSE:OWLT), recently sold shares of the company’s stock valued at a total of $106,435. The sale comes as the $70 million market cap company shows strong revenue growth of ~75% over the last twelve months, though InvestingPro data indicates the company is currently burning through cash. According to a regulatory filing, Harris executed two separate sales transactions earlier this month.
On January 7, Harris sold 16,439 shares at a price of $4.45 per share, amounting to $73,153. A subsequent sale occurred on January 16, when Harris sold an additional 7,740 shares at $4.30 per share, for a total of $33,282.
Both transactions were non-discretionary sales made to cover taxes and fees associated with the vesting and settlement of restricted stock and restricted stock units. Following these sales, Harris retains direct ownership of 280,877 shares of Owlet’s common stock.
In other recent news, Owlet Inc. reported a significant increase in its Q3 revenue, reaching $22.1 million, a 141% rise year-over-year, primarily driven by the sales of its Dream Sock. The company’s gross margins also hit a record high of 52.2%, marking six consecutive quarters of growth. Owlet’s adjusted EBITDA turned positive, hitting $0.6 million, a substantial rise from the previous year.
The company’s strategic initiatives such as expanding distribution through Amazon (NASDAQ:AMZN) and enhancing its medical sector presence with the BabySat monitor were key growth drivers. Owlet also launched a beta subscription service with an 85% retention rate. The company ended the quarter with $21.5 million in cash and raised its 2024 revenue guidance to $74 million to $77.5 million.
However, the company reported an increase in operating expenses to $16.4 million and a net loss of $5.6 million. Despite these challenges, Owlet remains confident in its market position and its path towards profitability. These are the recent developments for Owlet Inc.
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