Ouster (NASDAQ:OUST) Stock Jumps 11.1% – Here’s What Happened

Ouster, Inc. (NASDAQ:OUST)’s stock price rose 11.1% during trading on Tuesday. The stock traded as high as $32.87 and last traded at $33.0010. 1,944,862 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 3,069,854 shares. The stock had previously closed at $29.71.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OUST shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ouster in a research report on Wednesday, August 12th. Northland Securities set a $60.00 target price on Ouster and gave the company an “outperform” rating in a report on Tuesday, July 21st. Rosenblatt Securities restated a “buy” rating and issued a $53.00 target price on shares of Ouster in a report on Thursday, August 27th. Citigroup reaffirmed an “outperform” rating on shares of Ouster in a research report on Tuesday, July 21st. Finally, Oppenheimer reiterated an “outperform” rating and set a $57.00 price target (up from $42.00) on shares of Ouster in a report on Wednesday, July 15th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Ouster presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.67.

Ouster Price Performance

The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -38.43 and a beta of 3.23. The firm’s fifty day moving average is $36.72 and its 200 day moving average is $32.32.

Ouster (NASDAQ:OUST) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.14). The company had revenue of $54.63 million for the quarter, compared to analysts’ expectations of $51.47 million. Ouster had a negative net margin of 26.02% and a negative return on equity of 17.49%. Equities research analysts forecast that Ouster, Inc. will post -1.07 EPS for the current fiscal year.

Insider Activity at Ouster

In other news, CTO Mark Frichtl sold 18,778 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $33.96, for a total value of $637,700.88. Following the transaction, the chief technology officer directly owned 318,987 shares of the company’s stock, valued at approximately $10,832,798.52. This represents a 5.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Darien Spencer sold 12,808 shares of Ouster stock in a transaction on Monday, September 14th. The shares were sold at an average price of $33.96, for a total value of $434,959.68. Following the sale, the chief operating officer directly owned 286,998 shares of the company’s stock, valued at approximately $9,746,452.08. The trade was a 4.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 173,037 shares of company stock worth $6,720,238. 5.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ouster

Hedge funds and other institutional investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. lifted its holdings in shares of Ouster by 16.6% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 7,337 shares of the company’s stock valued at $296,000 after buying an additional 1,046 shares during the last quarter. Apollon Wealth Management LLC increased its holdings in Ouster by 14.8% in the third quarter. Apollon Wealth Management LLC now owns 8,254 shares of the company’s stock worth $333,000 after buying an additional 1,064 shares during the last quarter. Signaturefd LLC increased its holdings in Ouster by 116.7% in the third quarter. Signaturefd LLC now owns 2,137 shares of the company’s stock worth $86,000 after buying an additional 1,151 shares during the last quarter. Corecam Pte. Ltd. raised its position in Ouster by 1.2% during the third quarter. Corecam Pte. Ltd. now owns 34,518 shares of the company’s stock valued at $1,392,000 after acquiring an additional 420 shares in the last quarter. Finally, Ascent Wealth Partners LLC bought a new position in Ouster during the third quarter valued at approximately $222,000. 31.45% of the stock is owned by hedge funds and other institutional investors.

About Ouster

Ouster, Inc is a technology company that develops and manufactures digital lidar sensors and related software. Its lidar systems use laser light to detect and measure surrounding objects, supporting applications that require real-time perception, mapping, and automation.

The company’s products are designed for customers in the automotive, industrial automation, robotics, infrastructure, mapping, security, and smart-city markets. Ouster provides lidar sensors for uses such as autonomous and assisted driving, warehouse and industrial operations, traffic monitoring, asset inspection, and other machine-perception applications.