Ouster (NASDAQ:OUST) Trading Down 5.5% – Here’s Why

Ouster, Inc. (NASDAQ:OUST)’s stock price fell 5.5% during trading on Monday . The company traded as low as $35.05 and last traded at $34.9920. Approximately 1,272,118 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 3,292,623 shares. The stock had previously closed at $37.04.

Analyst Ratings Changes

OUST has been the subject of several recent analyst reports. Cantor Fitzgerald cut shares of Ouster from an “overweight” rating to a “neutral” rating in a research report on Thursday, May 7th. Rosenblatt Securities raised their price target on Ouster from $40.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Citigroup restated an “outperform” rating on shares of Ouster in a research note on Tuesday. Oppenheimer reaffirmed an “outperform” rating and set a $57.00 price objective (up from $42.00) on shares of Ouster in a research report on Wednesday, July 15th. Finally, Northland Securities set a $60.00 target price on Ouster and gave the stock an “outperform” rating in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.67.

Ouster Price Performance

The firm’s 50 day simple moving average is $42.19 and its 200-day simple moving average is $29.47. The company has a market cap of $2.55 billion, a price-to-earnings ratio of -41.94 and a beta of 3.17.

Ouster (NASDAQ:OUST) last posted its earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.16). The firm had revenue of $48.58 million for the quarter, compared to analyst estimates 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 firm posted ($0.42) EPS. On average, analysts forecast that Ouster, Inc. will post -1.03 EPS for the current year.

Insiders Place Their Bets

In related news, COO Darien Spencer sold 30,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $45.00, for a total value of $1,350,000.00. Following the completion of the sale, the chief operating officer owned 342,366 shares in the company, valued at $15,406,470. This represents a 8.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Mark Frichtl sold 308,742 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $41.53, for a total transaction of $12,822,055.26. Following the transaction, the chief technology officer directly owned 294,924 shares in the company, valued at $12,248,193.72. The trade was a 51.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 749,354 shares of company stock worth $28,542,907. Corporate insiders own 5.72% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in Ouster by 9.1% during the 4th quarter. Geode Capital Management LLC now owns 1,421,130 shares of the company’s stock worth $30,758,000 after purchasing an additional 118,132 shares during the period. Penn Capital Management Company LLC grew its stake in shares of Ouster by 24.1% during the 4th quarter. Penn Capital Management Company LLC now owns 775,297 shares of the company’s stock worth $16,817,000 after purchasing an additional 150,337 shares during the period. Handelsbanken Fonder AB lifted its stake in shares of 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 purchasing an additional 405,441 shares during the period. Invesco Ltd. grew its position 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. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Ouster by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 487,438 shares of the company’s stock valued at $10,548,000 after acquiring an additional 21,019 shares during the period. 31.45% of the stock is owned by hedge funds and other institutional investors.

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.