Ouster (NASDAQ:OUST) Stock Price Up 9.8% – Here’s Why

Ouster, Inc. (NASDAQ:OUST)’s share price rose 9.8% during mid-day trading on Friday . The stock traded as high as $46.15 and last traded at $46.49. Approximately 2,773,701 shares traded hands during trading, an increase of 2% from the average daily volume of 2,721,029 shares. The stock had previously closed at $42.33.

Wall Street Analysts Forecast Growth

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

Ouster Stock Performance

The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of -47.47 and a beta of 3.06. The business has a fifty day moving average price of $26.69 and a 200 day moving average price of $23.91.

Insider Transactions at Ouster

In other news, CTO Mark Frichtl sold 308,742 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $41.53, for a total transaction of $12,822,055.26. Following the completion of the sale, the chief technology officer directly owned 294,924 shares in the company, valued at $12,248,193.72. This represents a 51.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Darien Spencer sold 30,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $45.00, for a total transaction of $1,350,000.00. Following the sale, the chief operating officer directly owned 342,366 shares of the company’s stock, valued at approximately $15,406,470. This trade represents a 8.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 927,334 shares of company stock valued at $31,530,882. Corporate insiders own 5.72% of the company’s stock.

Hedge Funds Weigh In On Ouster

Several large investors have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in Ouster by 114.6% during the first quarter. Bank of America Corp DE now owns 217,390 shares of the company’s stock worth $3,993,000 after acquiring an additional 116,096 shares during the period. Janus Henderson Group PLC increased its stake in shares of Ouster by 706.0% in the first quarter. Janus Henderson Group PLC now owns 177,895 shares of the company’s stock valued at $3,268,000 after purchasing an additional 155,825 shares during the period. Amundi increased its stake in shares of Ouster by 40.1% during the first quarter. Amundi now owns 21,921 shares of the company’s stock valued at $403,000 after acquiring an additional 6,278 shares during the period. California State Teachers Retirement System increased its stake in shares of Ouster by 50.3% during the first quarter. California State Teachers Retirement System now owns 79,401 shares of the company’s stock valued at $1,459,000 after acquiring an additional 26,574 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of Ouster by 34.4% during the first quarter. Royal Bank of Canada now owns 5,888 shares of the company’s stock valued at $108,000 after acquiring an additional 1,507 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.