Ouster (NASDAQ:OUST) Stock Price Down 9.8% – Here’s What Happened

Ouster, Inc. (NASDAQ:OUST)’s share price fell 9.8% during mid-day trading on Wednesday . The stock traded as low as $39.00 and last traded at $40.7210. 5,103,936 shares changed hands during mid-day trading, an increase of 69% from the average session volume of 3,018,930 shares. The stock had previously closed at $45.16.

Analyst Ratings Changes

Several analysts have recently weighed in on OUST shares. Rosenblatt Securities boosted their target price on Ouster from $40.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Cantor Fitzgerald cut Ouster from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 7th. Weiss Ratings initiated coverage on Ouster in a report on Friday, May 15th. They issued a “sell (d-)” rating for the company. Roth Mkm began coverage on shares of Ouster in a research report on Friday, May 29th. They set a “buy” rating and a $75.00 target price on the stock. Finally, Oppenheimer reiterated an “outperform” rating and issued a $40.00 price target on shares of Ouster in a research report on Tuesday, March 3rd. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $48.17.

Ouster Price Performance

The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of -43.22 and a beta of 3.24. The firm’s 50-day simple moving average is $35.46 and its two-hundred day simple moving average is $26.65.

Ouster (NASDAQ:OUST) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.16). The firm had revenue of $48.58 million during the quarter, compared to analysts’ expectations of $46.15 million. Ouster had a negative net margin of 30.12% and a negative return on equity of 21.49%. During the same quarter in the prior year, the business earned ($0.42) EPS. On average, analysts expect that Ouster, Inc. will post -1.05 EPS for the current fiscal year.

Insider Buying and Selling at Ouster

In related news, CFO Kenneth P. Gianella sold 54,337 shares of Ouster stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 301,014 shares in the company, valued at $11,685,363.48. The trade was a 15.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Charles Angus Pacala sold 29,797 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 1,072,201 shares in the company, valued at approximately $41,622,842.82. The trade was a 2.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 910,591 shares of company stock valued at $32,578,780. Insiders own 5.72% of the company’s stock.

Hedge Funds Weigh In On Ouster

A number of institutional investors have recently made changes to their positions in OUST. NewEdge Advisors LLC boosted its stake in shares of Ouster by 2,532.6% during the second quarter. NewEdge Advisors LLC now owns 1,132 shares of the company’s stock valued at $27,000 after acquiring an additional 1,089 shares during the last quarter. Larson Financial Group LLC lifted its holdings in Ouster by 118.8% in the 4th quarter. Larson Financial Group LLC now owns 1,965 shares of the company’s stock valued at $43,000 after purchasing an additional 1,067 shares in the last quarter. Gordian Capital Singapore Pte Ltd lifted its holdings in Ouster by 38.1% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 2,900 shares of the company’s stock valued at $78,000 after purchasing an additional 800 shares in the last quarter. SHP Wealth Management acquired a new stake in shares of Ouster during the 4th quarter worth about $96,000. Finally, Van ECK Associates Corp boosted its stake in shares of Ouster by 17.1% during the 3rd quarter. Van ECK Associates Corp now owns 3,590 shares of the company’s stock worth $97,000 after purchasing an additional 525 shares during the last quarter. 31.45% of the stock is owned by institutional investors and hedge funds.

Ouster Company Profile

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.