Ouster (NASDAQ:OUST) Shares Up 14.4% – Here’s What Happened

Ouster, Inc. (NASDAQ:OUST)’s stock price shot up 14.4% on Thursday . The stock traded as high as $46.83 and last traded at $46.57. 8,255,157 shares changed hands during trading, an increase of 179% from the average daily volume of 2,962,231 shares. The stock had previously closed at $40.72.

Wall Street Analysts Forecast Growth

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

Ouster Trading Up 14.4%

The company has a market cap of $2.93 billion, a PE ratio of -48.04 and a beta of 3.24. The business has a 50 day simple moving average of $32.60 and a two-hundred day simple moving average of $25.75.

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

Insider Activity at Ouster

In other news, CRO Cyrille Jacquemet sold 9,433 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $40.00, for a total transaction of $377,320.00. Following the completion of the sale, the executive owned 123,158 shares in the company, valued at approximately $4,926,320. The trade was a 7.11% decrease in their position. The sale 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 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 $1,156,719.54. Following the sale, the chief executive officer directly owned 1,072,201 shares of the company’s stock, valued at approximately $41,622,842.82. This trade represents a 2.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 948,896 shares of company stock valued at $33,336,715 over the last three months. Insiders own 5.72% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OUST. Invesco Ltd. grew its stake in Ouster by 1,521.8% during the second 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. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Ouster during the first quarter worth approximately $8,915,000. Vanguard Group Inc. increased its position in shares of Ouster by 11.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,720,264 shares of the company’s stock worth $127,683,000 after purchasing an additional 478,372 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in Ouster by 130.7% in the fourth quarter. Handelsbanken Fonder AB now owns 715,646 shares of the company’s stock valued at $15,479,000 after buying an additional 405,441 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in Ouster by 517.5% in the fourth quarter. Squarepoint Ops LLC now owns 401,727 shares of the company’s stock worth $8,693,000 after purchasing an additional 336,673 shares during the period. 31.45% of the stock is owned by institutional investors and hedge funds.

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.