Ouster (NASDAQ:OUST) Shares Up 11.1% – Time to Buy?

Shares of Ouster, Inc. (NASDAQ:OUST) traded up 11.1% on Tuesday. The company traded as high as $32.87 and last traded at $33.0010. Approximately 1,944,862 shares changed hands during trading, a decline of 37% from the average daily volume of 3,069,854 shares. The stock had previously closed at $29.71.

Wall Street Analysts Forecast Growth

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

Ouster Stock Performance

The stock’s fifty day simple moving average is $36.22 and its 200-day simple moving average is $32.39. The stock has a market cap of $2.31 billion, a P/E ratio of -37.27 and a beta of 3.23.

Ouster (NASDAQ:OUST) last released its earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share 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 the consensus estimate of $51.47 million. Ouster had a negative net margin of 26.02% and a negative return on equity of 17.49%. As a group, equities research analysts forecast that Ouster, Inc. will post -1.07 earnings per share for the current year.

Insiders Place Their Bets

In other Ouster news, General Counsel Megan Chung sold 11,484 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $33.96, for a total value of $389,996.64. Following the sale, the general counsel owned 189,291 shares in the company, valued at $6,428,322.36. This trade represents a 5.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Charles Pacala sold 30,385 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $33.96, for a total value of $1,031,874.60. Following the completion of the transaction, the chief executive officer directly owned 1,041,816 shares of the company’s stock, valued at $35,380,071.36. This represents a 2.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 173,037 shares of company stock worth $6,720,238 over the last 90 days. Insiders own 5.72% of the company’s stock.

Hedge Funds Weigh In On Ouster

Institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Ouster in the 3rd quarter valued at $442,000. Intrua Financial LLC increased its holdings in Ouster by 3.4% during the 3rd quarter. Intrua Financial LLC now owns 18,738 shares of the company’s stock worth $756,000 after acquiring an additional 619 shares during the period. State of Wyoming boosted its stake in Ouster by 81.9% during the third quarter. State of Wyoming now owns 7,521 shares of the company’s stock valued at $303,000 after buying an additional 3,386 shares during the period. Oppenheimer & Co. Inc. grew its stake in Ouster by 16.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 7,337 shares of the company’s stock worth $296,000 after buying an additional 1,046 shares in the last quarter. Finally, Apollon Wealth Management LLC raised its position in Ouster by 14.8% during the third quarter. Apollon Wealth Management LLC now owns 8,254 shares of the company’s stock valued at $333,000 after purchasing an additional 1,064 shares in the last quarter. 31.45% of the stock is currently owned by 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.