Ouster (NYSE:OUST) Trading 9.6% Higher – Should You Buy?

Ouster, Inc. (NYSE:OUST)’s stock price traded up 9.6% during trading on Thursday . The company traded as high as $25.99 and last traded at $26.1640. 1,079,177 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 2,341,721 shares. The stock had previously closed at $23.87.

Analyst Upgrades and Downgrades

OUST has been the subject of several analyst reports. Cantor Fitzgerald set a $33.00 price target on shares of Ouster in a research report on Thursday, November 6th. Oppenheimer reiterated an “outperform” rating on shares of Ouster in a research report on Thursday. Northland Securities set a $38.00 target price on shares of Ouster in a report on Wednesday, November 5th. Zacks Research cut shares of Ouster from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Finally, Westpark Capital restated a “buy” rating and issued a $50.00 price objective on shares of Ouster in a research report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $32.17.

Ouster Stock Performance

The stock has a market cap of $1.54 billion, a P/E ratio of -10.02 and a beta of 2.99. The firm has a 50-day moving average price of $27.66 and a 200-day moving average price of $25.32.

Insider Buying and Selling

In related news, General Counsel Megan Chung sold 17,183 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $28.46, for a total transaction of $489,028.18. Following the completion of the transaction, the general counsel owned 203,036 shares of the company’s stock, valued at $5,778,404.56. This trade represents a 7.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Mark Frichtl sold 25,329 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $28.46, for a total value of $720,863.34. Following the completion of the sale, the chief technology officer directly owned 665,403 shares in the company, valued at approximately $18,937,369.38. This represents a 3.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 106,310 shares of company stock worth $3,035,305 over the last 90 days. Corporate insiders own 6.63% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp increased its stake in Ouster by 17.1% during the third quarter. Van ECK Associates Corp now owns 3,590 shares of the company’s stock worth $97,000 after acquiring an additional 525 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Ouster by 5.5% in the 2nd quarter. Corient Private Wealth LLC now owns 11,554 shares of the company’s stock worth $280,000 after purchasing an additional 599 shares during the period. Prosperity Wealth Management Inc. boosted its holdings in shares of Ouster by 5.5% in the 3rd quarter. Prosperity Wealth Management Inc. now owns 13,000 shares of the company’s stock worth $352,000 after purchasing an additional 675 shares during the period. Creative Planning increased its position in shares of Ouster by 1.6% during the 3rd quarter. Creative Planning now owns 43,681 shares of the company’s stock valued at $1,182,000 after purchasing an additional 677 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Ouster by 1.4% during the 3rd quarter. Alliancebernstein L.P. now owns 50,800 shares of the company’s stock valued at $1,374,000 after buying an additional 700 shares during the period. 31.45% of the stock is owned by hedge funds and other institutional investors.

Ouster Company Profile

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.