Ouster (NASDAQ:OUST) Stock Price Down 11.2% – What’s Next?

Ouster, Inc. (NASDAQ:OUST)’s stock price dropped 11.2% on Friday . The stock traded as low as $41.42 and last traded at $41.8060. Approximately 872,265 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 2,784,499 shares. The stock had previously closed at $47.09.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OUST. Roth Mkm initiated coverage on shares of Ouster in a report on Friday, May 29th. They set a “buy” rating and a $75.00 price target for the company. Rosenblatt Securities upped their price objective on Ouster from $40.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Weiss Ratings initiated coverage on Ouster in a research report on Friday, May 15th. They issued a “sell (d-)” rating for the company. Oppenheimer reissued an “outperform” rating and set a $40.00 target price on shares of Ouster in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald downgraded 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 given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Ouster presently has an average rating of “Hold” and a consensus target price of $48.17.

Ouster Stock Down 15.8%

The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of -41.03 and a beta of 3.24. The business’s 50-day simple moving average is $28.67 and its two-hundred day simple moving average is $24.52.

Insider Activity at Ouster

In other news, CTO Mark Frichtl sold 308,742 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $41.53, for a total transaction of $12,822,055.26. Following the completion of the transaction, the chief technology officer directly owned 294,924 shares in the company, valued at $12,248,193.72. This trade represents a 51.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Cyrille Jacquemet sold 9,433 shares of Ouster stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $40.00, for a total value of $377,320.00. Following the completion of the sale, the executive directly owned 123,158 shares of the company’s stock, valued at $4,926,320. The trade was a 7.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 927,334 shares of company stock worth $31,530,882 over the last quarter. Company insiders own 5.72% of the company’s stock.

Hedge Funds Weigh In On Ouster

Several hedge funds have recently bought and sold shares of the company. Hillsdale Investment Management Inc. purchased a new stake in Ouster during the third quarter worth about $3,038,000. Handelsbanken Fonder AB boosted its stake in shares of Ouster by 1,419.5% in the third quarter. Handelsbanken Fonder AB now owns 310,205 shares of the company’s stock valued at $8,385,000 after purchasing an additional 289,790 shares during the period. SG Americas Securities LLC boosted its stake in shares of Ouster by 43.2% in the fourth quarter. SG Americas Securities LLC now owns 276,578 shares of the company’s stock valued at $5,985,000 after purchasing an additional 83,448 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Ouster by 514.6% in the third quarter. JPMorgan Chase & Co. now owns 185,198 shares of the company’s stock valued at $5,010,000 after purchasing an additional 155,063 shares in the last quarter. Finally, Algert Global LLC increased its stake in 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 buying an additional 329,735 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.