Ouster (NASDAQ:OUST) Shares Gap Down – Time to Sell?

Ouster, Inc. (NASDAQ:OUST) shares gapped down before the market opened on Wednesday. The stock had previously closed at $44.91, but opened at $42.61. Ouster shares last traded at $42.4380, with a volume of 537,698 shares traded.

Wall Street Analyst Weigh In

A number of analysts have commented on OUST shares. Oppenheimer reiterated an “outperform” rating and issued a $57.00 price objective (up from $42.00) on shares of Ouster in a report on Wednesday, July 15th. Rosenblatt Securities restated a “buy” rating and set a $53.00 target price on shares of Ouster in a report on Thursday, August 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Ouster in a research report on Wednesday, August 12th. Citigroup reaffirmed an “outperform” rating on shares of Ouster in a report on Tuesday, July 21st. Finally, Northland Securities set a $60.00 price objective on Ouster and gave the stock an “outperform” rating in a research report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.67.

Ouster Stock Down 5.1%

The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of -45.96 and a beta of 3.23. The company’s 50-day moving average is $39.65 and its 200-day moving average is $36.28.

Ouster (NASDAQ:OUST) last posted its earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.14). Ouster had a negative net margin of 26.02% and a negative return on equity of 17.49%. The firm had revenue of $54.63 million during the quarter, compared to analyst estimates of $51.47 million. Sell-side analysts anticipate that Ouster, Inc. will post -1.07 EPS for the current year.

Insider Activity

In related news, CEO Charles Pacala sold 30,385 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $33.96, for a total value of $1,031,874.60. Following the completion of the transaction, the chief executive officer directly owned 1,041,816 shares in the company, valued at approximately $35,380,071.36. This represents a 2.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Mark Frichtl sold 18,778 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $33.96, for a total value of $637,700.88. Following the sale, the chief technology officer directly owned 318,987 shares of the company’s stock, valued at approximately $10,832,798.52. This trade represents a 5.56% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 173,037 shares of company stock worth $6,720,238. 5.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ouster

Several large investors have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of Ouster by 31.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $58,000 after purchasing an additional 341 shares during the period. Farther Finance Advisors LLC raised its holdings in Ouster by 83.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 895 shares of the company’s stock valued at $36,000 after buying an additional 407 shares during the period. Tidal Investments LLC purchased a new stake in Ouster in the 2nd quarter valued at about $2,172,000. IPG Investment Advisors LLC lifted its position in Ouster by 49.2% in the second quarter. IPG Investment Advisors LLC now owns 14,924 shares of the company’s stock valued at $933,000 after buying an additional 4,924 shares during the last quarter. Finally, MCF Advisors LLC lifted its position in Ouster by 34.4% in the second quarter. MCF Advisors LLC now owns 1,344 shares of the company’s stock valued at $84,000 after buying an additional 344 shares during the last quarter. Institutional investors and hedge funds own 31.45% of the company’s stock.

About Ouster

Ouster, Inc is a technology company that develops lidar sensors and software for machine perception. Its digital lidar products use laser light to create three-dimensional representations of surrounding environments, helping machines detect objects, measure distances, and operate with greater situational awareness.

The company’s product portfolio includes lidar sensors for industrial automation, robotics, autonomous vehicles, transportation, mapping, and smart-infrastructure applications.