Ouster (NASDAQ:OUST) Shares Down 11.6% – Here’s Why

Ouster, Inc. (NASDAQ:OUST)’s share price fell 11.6% during mid-day trading on Tuesday . The stock traded as low as $42.55 and last traded at $44.06. Approximately 6,001,146 shares were traded during mid-day trading, an increase of 84% from the average daily volume of 3,252,846 shares. The stock had previously closed at $49.83.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Cantor Fitzgerald lowered shares of Ouster from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 7th. Weiss Ratings started coverage on shares of Ouster in a report on Friday, May 15th. They set a “sell (d-)” rating on the stock. Roth Capital started coverage on shares of Ouster in a research note on Friday, May 29th. They issued a “buy” rating and a $75.00 price target on the stock. Finally, Rosenblatt Securities increased their price objective on Ouster from $40.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Four equities 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $48.17.

Ouster Stock Down 11.6%

The stock has a market cap of $2.77 billion, a P/E ratio of -45.42 and a beta of 3.17. The firm’s 50-day moving average is $39.18 and its two-hundred day moving average is $28.03.

Ouster (NASDAQ:OUST) last posted its earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.16). The business had revenue of $48.58 million during the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned ($0.42) earnings per share. Analysts anticipate that Ouster, Inc. will post -1.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Ouster

In other news, CFO Kenneth P. Gianella sold 54,337 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer owned 301,014 shares in the company, valued at approximately $11,685,363.48. This represents a 15.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Charles Angus Pacala sold 29,797 shares of the stock in a transaction dated 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 transaction, 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. Over the last ninety days, insiders sold 910,591 shares of company stock valued at $32,578,780. Corporate insiders own 5.72% of the company’s stock.

Institutional Trading of Ouster

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

About Ouster

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.