Jonathan Harris, President and Chief Revenue Officer of Owlet, Inc. (NYSE: ), recently sold a total of $106,435 worth of company stock. The sale comes as the $70 million market cap company shows strong revenue growth of ~75% over the last twelve months, though InvestingPro the data shows that the company is currently spending money. According to a regulatory filing, Harris completed two separate sales transactions earlier this month.
On January 7, Harris sold 16,439 shares at $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 to cover taxes and fees associated with the acquisition and settlement of restricted stock and restricted stock units. Following these sales, Harris retains direct ownership of 280,877 shares of Owlet.
In other recent news, Owlet Inc. reported a significant increase in its revenue in the third quarter, reaching $22.1 million, a 141% year-over-year increase, primarily driven by sales of the Dream Sock. The company’s gross margins also reached a record high of 52.2%, recording six consecutive quarters of growth. Owlet’s adjusted EBITDA turned positive, reaching $0.6 million, a significant year-over-year increase.
The company’s strategic initiatives such as expanding distribution through Amazon (NASDAQ: ) and increasing its presence in the medical sector 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 to profitability. These are the latest developments for Owlet Inc.
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