Ouster (NASDAQ:OUST) Shares Down 6.4% After Insider Selling

Ouster, Inc. (NASDAQ:OUST) shares were down 6.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $40.32 and last traded at $40.2560. Approximately 717,594 shares were traded during trading, a decline of 78% from the average daily volume of 3,273,558 shares. The stock had previously closed at $42.99.

Specifically, CFO Kenneth P. Gianella sold 40,000 shares of Ouster stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $45.33, for a total value of $1,813,200.00. Following the transaction, the chief financial officer owned 261,014 shares in the company, valued at approximately $11,831,764.62. The trade was a 13.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OUST shares. Cantor Fitzgerald cut Ouster from an “overweight” rating to a “neutral” rating in a report on Thursday, May 7th. Oppenheimer reaffirmed an “outperform” rating and issued a $57.00 price target (up from $42.00) on shares of Ouster in a research note on Wednesday, July 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ouster in a research report on Wednesday, August 12th. Northland Securities set a $60.00 price objective on Ouster and gave the company an “outperform” rating in a research report on Tuesday, July 21st. Finally, Roth Capital assumed coverage on Ouster in a research note on Friday, May 29th. They set a “buy” rating and a $75.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Ouster currently has a consensus rating of “Moderate Buy” and an average target price of $54.67.

Ouster Price Performance

The company has a market capitalization of $2.74 billion, a P/E ratio of -44.13 and a beta of 3.24. The company has a 50 day moving average of $43.14 and a 200-day moving average of $31.93.

Ouster (NASDAQ:OUST) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $54.63 million for the quarter, compared to the consensus estimate of $51.47 million. Research analysts predict that Ouster, Inc. will post -1.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Ouster

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in Ouster by 9.1% in the fourth quarter. Geode Capital Management LLC now owns 1,421,130 shares of the company’s stock valued at $30,758,000 after acquiring an additional 118,132 shares in the last quarter. Penn Capital Management Company LLC raised its holdings in Ouster by 24.1% in 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 in the last quarter. Handelsbanken Fonder AB raised its holdings in Ouster by 130.7% in the 4th quarter. Handelsbanken Fonder AB now owns 715,646 shares of the company’s stock worth $15,479,000 after purchasing an additional 405,441 shares in the last quarter. Invesco Ltd. lifted its position in shares of Ouster by 1,521.8% in the 2nd quarter. Invesco Ltd. now owns 571,662 shares of the company’s stock worth $13,863,000 after purchasing an additional 536,413 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Ouster by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 487,438 shares of the company’s stock worth $10,548,000 after purchasing an additional 21,019 shares during the period. Institutional investors own 31.45% of the company’s stock.

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.