Ouster (NASDAQ:OUST) Posts Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Ouster (NASDAQ:OUST) released its earnings results on Tuesday. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.12), FiscalAI reports. Ouster had a negative net margin of 26.02% and a negative return on equity of 17.49%. The firm had revenue of $59.33 million during the quarter, compared to analyst estimates of $56.30 million.

Ouster Trading Up 2.7%

Shares of NASDAQ:OUST traded up $0.76 during midday trading on Tuesday, hitting $28.98. The company had a trading volume of 3,180,446 shares, compared to its average volume of 3,061,437. Ouster has a 12 month low of $16.40 and a 12 month high of $63.79. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of -33.70 and a beta of 3.23. The firm has a fifty day simple moving average of $35.69 and a 200 day simple moving average of $32.43.

Insiders Place Their Bets

In other Ouster news, COO Darien Spencer sold 12,808 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $33.96, for a total value of $434,959.68. Following the transaction, the chief operating officer owned 286,998 shares of the company’s stock, valued at approximately $9,746,452.08. This represents a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Mark Frichtl sold 18,778 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $33.96, for a total value of $637,700.88. Following the completion of the transaction, the chief technology officer directly owned 318,987 shares in the company, valued at $10,832,798.52. The trade was a 5.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 143,037 shares of company stock valued at $5,370,238 in the last ninety days. 5.72% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Ouster Company Profile

Ouster, Inc is a technology company that develops and manufactures digital lidar sensors and related software. Its lidar systems use laser light to detect and measure surrounding objects, supporting applications that require real-time perception, mapping, and automation.

The company’s products are designed for customers in the automotive, industrial automation, robotics, infrastructure, mapping, security, and smart-city markets. Ouster provides lidar sensors for uses such as autonomous and assisted driving, warehouse and industrial operations, traffic monitoring, asset inspection, and other machine-perception applications.