Ouster (NASDAQ:OUST) Shares Gap Down Following Insider Selling

Shares of Ouster, Inc. (NASDAQ:OUST) gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $47.68, but opened at $43.14. Ouster shares last traded at $48.8430, with a volume of 1,138,927 shares trading hands.

Specifically, Director Ted L. Tewksbury III sold 1,695 shares of Ouster stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $47.00, for a total value of $79,665.00. Following the sale, the director directly owned 124,999 shares in the company, valued at $5,874,953. This trade represents a 1.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Roth Mkm began coverage on shares of Ouster in a research report on Friday, May 29th. They issued a “buy” rating and a $75.00 target price for the company. Oppenheimer reiterated an “outperform” rating and set a $40.00 price objective on shares of Ouster in a research report on Tuesday, March 3rd. Rosenblatt Securities increased their price objective on Ouster from $40.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Cantor Fitzgerald cut Ouster from an “overweight” rating to a “neutral” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings assumed coverage on Ouster in a research note on Friday, May 15th. They set a “sell (d-)” rating on the stock. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $48.17.

Ouster Trading Up 2.3%

The business’s 50-day simple moving average is $34.22 and its 200 day simple moving average is $26.28. The company has a market capitalization of $3.06 billion, a P/E ratio of -50.45 and a beta of 3.24.

Ouster (NASDAQ:OUST) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.16). Ouster had a negative net margin of 30.12% and a negative return on equity of 21.49%. The company had revenue of $48.58 million during the quarter, compared to the consensus estimate of $46.15 million. During the same quarter last year, the business earned ($0.42) earnings per share. As a group, sell-side analysts predict that Ouster, Inc. will post -1.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Ouster

Several hedge funds have recently modified their holdings of OUST. Hillsdale Investment Management Inc. acquired a new position in Ouster in the third quarter worth approximately $3,038,000. Handelsbanken Fonder AB lifted its position in shares of Ouster by 1,419.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 310,205 shares of the company’s stock valued at $8,385,000 after acquiring an additional 289,790 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Ouster by 43.2% during the 4th quarter. SG Americas Securities LLC now owns 276,578 shares of the company’s stock valued at $5,985,000 after acquiring an additional 83,448 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Ouster by 514.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 185,198 shares of the company’s stock worth $5,010,000 after acquiring an additional 155,063 shares in the last quarter. Finally, Algert Global LLC boosted its stake in shares of Ouster by 192.6% during the 3rd quarter. Algert Global LLC now owns 500,902 shares of the company’s stock worth $13,549,000 after acquiring an additional 329,735 shares in the last quarter. 31.45% of the stock is currently owned by institutional investors and hedge funds.

About Ouster

Ouster, Inc is a leading provider of high-resolution digital lidar sensors, software and services designed to enable advanced perception capabilities across a range of industries. Headquartered in San Francisco, California, the company develops modular lidar solutions that capture precise three-dimensional data in real time, supporting applications from autonomous vehicles and robotics to mapping, smart infrastructure and industrial automation.

The company’s core product lineup features multi-beam digital lidar units available in various form factors, including compact models for robotics and drones and larger units for automotive and mapping systems.