Ouster (NYSE:OUST) Trading Up 7% – Here’s Why

Shares of Ouster, Inc. (NYSE:OUST) were up 7% during trading on Thursday . The stock traded as high as $11.26 and last traded at $11.00. Approximately 908,776 shares were traded during trading, a decline of 39% from the average daily volume of 1,501,888 shares. The stock had previously closed at $10.28.

Analyst Ratings Changes

A number of brokerages recently weighed in on OUST. Rosenblatt Securities reissued a “buy” rating and issued a $17.00 price target on shares of Ouster in a research note on Friday, November 8th. Cantor Fitzgerald raised shares of Ouster from a “neutral” rating to an “overweight” rating and reduced their price target for the stock from $12.00 to $10.00 in a research report on Monday, November 11th. Northland Capmk raised shares of Ouster to a “strong-buy” rating in a research report on Thursday, December 12th. Finally, Northland Securities assumed coverage on shares of Ouster in a research report on Thursday, December 12th. They issued an “outperform” rating and a $14.00 target price for the company. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Ouster presently has an average rating of “Buy” and a consensus target price of $13.17.

Ouster Stock Performance

The company’s 50 day moving average is $10.96 and its 200 day moving average is $9.21. The stock has a market capitalization of $539.86 million, a price-to-earnings ratio of -4.21 and a beta of 2.36.

Ouster (NYSE:OUST) last released its earnings results on Thursday, November 7th. The company reported ($0.54) earnings per share for the quarter. Ouster had a negative return on equity of 65.17% and a negative net margin of 106.50%. The firm had revenue of $28.08 million for the quarter. During the same quarter in the previous year, the business posted ($0.89) earnings per share. On average, equities research analysts anticipate that Ouster, Inc. will post -2.2 earnings per share for the current fiscal year.

Insider Activity at Ouster

In other news, COO Darien Spencer sold 14,869 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $9.69, for a total transaction of $144,080.61. Following the sale, the chief operating officer now owns 291,718 shares in the company, valued at approximately $2,826,747.42. This represents a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Weinswig sold 31,397 shares of Ouster stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $8.72, for a total value of $273,781.84. Following the completion of the transaction, the chief financial officer now directly owns 198,650 shares of the company’s stock, valued at $1,732,228. This represents a 13.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,415 shares of company stock worth $748,620. 7.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ouster

A number of institutional investors have recently modified their holdings of OUST. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Ouster during the second quarter worth approximately $27,000. Van ECK Associates Corp grew its stake in shares of Ouster by 28.4% during the third quarter. Van ECK Associates Corp now owns 7,264 shares of the company’s stock worth $46,000 after purchasing an additional 1,608 shares during the period. Stoneridge Investment Partners LLC bought a new stake in Ouster in the third quarter valued at about $67,000. True North Advisors LLC acquired a new position in Ouster in the third quarter valued at about $78,000. Finally, Intech Investment Management LLC bought a new stake in shares of Ouster in the 3rd quarter valued at about $81,000. 31.45% of the stock is owned by 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.