Ouster (NYSE:OUST) Trading 9% Higher – Here’s Why

Ouster, Inc. (NYSE:OUST) traded up 9% during mid-day trading on Monday . The stock traded as high as $19.87 and last traded at $19.70. 2,054,602 shares were traded during mid-day trading, an increase of 39% from the average session volume of 1,472,840 shares. The stock had previously closed at $18.07.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OUST. Cantor Fitzgerald reiterated a “neutral” rating and issued a $19.00 price objective on shares of Ouster in a report on Thursday. Rosenblatt Securities reissued a “buy” rating and issued a $17.00 price objective on shares of Ouster in a research note on Friday, March 21st. Oppenheimer started coverage on shares of Ouster in a research note on Thursday, March 27th. They set an “outperform” rating and a $16.00 target price on the stock. UBS Group set a $16.00 target price on shares of Ouster in a research report on Thursday, March 27th. Finally, Westpark Capital lowered shares of Ouster from a “buy” rating to a “hold” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ouster currently has an average rating of “Moderate Buy” and an average price target of $15.24.

Ouster Stock Up 10.2%

The company’s 50-day moving average is $10.25 and its 200-day moving average is $10.09. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -7.75 and a beta of 2.48.

Insider Activity

In other Ouster news, General Counsel Megan Chung sold 5,800 shares of the firm’s stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $11.24, for a total transaction of $65,192.00. Following the completion of the sale, the general counsel now owns 220,762 shares of the company’s stock, valued at $2,481,364.88. This trade represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 6.63% of the company’s stock.

Hedge Funds Weigh In On Ouster

Hedge funds have recently modified their holdings of the business. Byrne Asset Management LLC acquired a new position in Ouster in the first quarter valued at about $39,000. FNY Investment Advisers LLC acquired a new position in Ouster during the first quarter worth $49,000. Daiwa Securities Group Inc. boosted its position in shares of Ouster by 18.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 6,977 shares of the company’s stock worth $85,000 after buying an additional 1,063 shares during the period. AlphaQuest LLC raised its holdings in shares of Ouster by 916.0% in the 4th quarter. AlphaQuest LLC now owns 8,270 shares of the company’s stock valued at $101,000 after buying an additional 7,456 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Ouster during the 1st quarter worth about $97,000. 31.45% of the stock is currently owned by hedge funds and other institutional investors.

About Ouster

Ouster, Inc provides lidar sensors for the automotive, industrial, robotics, and smart infrastructure industries in Americas, the Asia-Pacific, Europe, the Middle East, and Africa. Its products include high-resolution scanning and solid-state digital lidar sensors, analog lidar sensors, and software solutions.