Ouster (NASDAQ:OUST) Stock Price Down 9.9% – Here’s Why

Ouster, Inc. (NASDAQ:OUST)’s stock price fell 9.9% during mid-day trading on Friday. The company traded as low as $34.12 and last traded at $32.9830. Approximately 334,936 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 3,063,559 shares. The stock had previously closed at $36.60.

Top Ouster Stories

Investors following OUST have been watching these stories:

• Positive Sentiment: Indra selected Ouster’s Rev7 lidar sensors for tolling projects spanning 3,300 lanes, pointing to a substantial real-world deployment opportunity. Indra scales Ouster Rev7 LiDAR across tolling projects
• Positive Sentiment: Ouster’s revenue reportedly rose 50%, and its shares gained 17% in the week ended November 6. The growth supports the company’s demand outlook, though it does not resolve concerns about profitability. Ouster Stock Surged 17% in the Week Ended November 6 as Revenue Jumped 50%
• Negative Sentiment: A Seeking Alpha analysis acknowledges Ouster’s growth but argues it does not justify buying the stock, reflecting valuation concerns that could limit enthusiasm after its recent run-up. Ouster: Impressive Growth Still Doesn’t Justify A Buy

Analysts Set New Price Targets

OUST has been the topic of a number of recent analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $53.00 target price on shares of Ouster in a research note on Wednesday, November 4th. Oppenheimer restated an “outperform” rating on shares of Ouster in a research report on Wednesday, November 4th. Citigroup restated an “outperform” rating on shares of Ouster in a report on Tuesday, July 21st. Cantor Fitzgerald raised shares of Ouster from a “neutral” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research report on Wednesday, November 4th. Finally, Northland Securities set a $60.00 target price on shares of Ouster and gave the company an “outperform” rating in a research note on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Ouster Price Performance

The firm has a fifty day simple moving average of $35.65 and a two-hundred day simple moving average of $32.79. The firm has a market capitalization of $2.41 billion, a P/E ratio of -48.44 and a beta of 3.47.

Ouster (NASDAQ:OUST) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.12). The firm had revenue of $59.33 million for the quarter, compared to analysts’ expectations of $56.30 million. Ouster had a negative net margin of 20.36% and a negative return on equity of 11.70%. On average, research analysts anticipate that Ouster, Inc. will post -0.97 EPS for the current year.

Insiders Place Their Bets

In other Ouster news, General Counsel Megan Chung sold 11,484 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $33.96, for a total transaction of $389,996.64. Following the sale, the general counsel directly owned 189,291 shares of the company’s stock, valued at $6,428,322.36. This represents a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen Skaggs sold 5,000 shares of the company’s stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $34.00, for a total transaction of $170,000.00. Following the sale, the director directly owned 56,415 shares in the company, valued at approximately $1,918,110. This trade represents a 8.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 143,037 shares of company stock worth $5,312,537 in the last ninety days. 5.72% of the stock is owned by corporate insiders.

Institutional Trading of Ouster

A number of institutional investors have recently modified their holdings of the business. California State Teachers Retirement System raised its holdings in Ouster by 50.3% during the 1st quarter. California State Teachers Retirement System now owns 79,401 shares of the company’s stock valued at $1,459,000 after acquiring an additional 26,574 shares during the period. Renaissance Technologies LLC bought a new position in shares of Ouster in the first quarter worth $2,436,000. Wellington Management Group LLP bought a new stake in shares of Ouster during the 2nd quarter valued at $15,384,000. Tidal Investments LLC purchased a new stake in Ouster during the 2nd quarter worth about $2,172,000. Finally, Dimensional Fund Advisors LP boosted its stake in Ouster by 7.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 483,871 shares of the company’s stock worth $8,889,000 after purchasing an additional 32,440 shares during the period. 31.45% of the stock is currently owned by hedge funds and other institutional investors.

About Ouster

Ouster, Inc. develops lidar sensors and software that help machines and infrastructure detect and interpret their surroundings. Its digital lidar products use laser-based sensing to create 3D representations of nearby objects and environments. The company serves customers in areas including industrial automation, robotics, smart infrastructure and automotive applications. Its offerings include lidar sensors and perception software designed to support tasks such as object detection, mapping and navigation.