Ouster (NASDAQ:OUST) Shares Up 28.7% – Here’s What Happened

Ouster, Inc. (NASDAQ:OUST)’s stock price shot up 28.7% during mid-day trading on Monday . The stock traded as high as $54.49 and last traded at $54.07. Approximately 10,001,625 shares traded hands during trading, an increase of 223% from the average daily volume of 3,099,008 shares. The stock had previously closed at $42.02.

Wall Street Analysts Forecast Growth

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

Ouster Stock Up 28.7%

The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -55.74 and a beta of 3.24. The company has a 50-day moving average price of $35.81 and a 200-day moving average price of $26.77.

Ouster (NASDAQ:OUST) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.16). Ouster had a negative return on equity of 21.49% and a negative net margin of 30.12%.The business had revenue of $48.58 million for the quarter, compared to analyst estimates of $46.15 million. During the same quarter last year, the firm earned ($0.42) earnings per share. Equities analysts expect that Ouster, Inc. will post -1.05 EPS for the current fiscal year.

Insider Buying and Selling at Ouster

In other Ouster news, CFO Kenneth P. Gianella sold 54,337 shares of Ouster stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $38.82, for a total transaction of $2,109,362.34. Following the sale, the chief financial officer directly owned 301,014 shares of the company’s stock, valued at approximately $11,685,363.48. The trade was a 15.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles Angus Pacala sold 29,797 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $38.82, for a total value of $1,156,719.54. Following the completion of the sale, the chief executive officer directly owned 1,072,201 shares in the company, valued at approximately $41,622,842.82. This represents a 2.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 910,591 shares of company stock worth $32,578,780 in the last 90 days. 5.72% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ouster

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its holdings in Ouster by 610.1% during the 1st quarter. AQR Capital Management LLC now owns 296,311 shares of the company’s stock worth $2,661,000 after purchasing an additional 254,580 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Ouster by 7.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,344 shares of the company’s stock valued at $255,000 after purchasing an additional 2,037 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Ouster by 138.2% in the 2nd quarter. Legal & General Group Plc now owns 9,990 shares of the company’s stock valued at $242,000 after purchasing an additional 5,796 shares during the last quarter. American Century Companies Inc. grew its position in shares of Ouster by 22.0% during the 2nd quarter. American Century Companies Inc. now owns 63,298 shares of the company’s stock worth $1,535,000 after buying an additional 11,416 shares during the period. Finally, Invesco Ltd. grew its position in shares of Ouster by 1,521.8% during the 2nd quarter. Invesco Ltd. now owns 571,662 shares of the company’s stock worth $13,863,000 after buying an additional 536,413 shares during the period. Institutional investors and hedge funds own 31.45% of the company’s stock.

Ouster Company Profile

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.