Ouster (NASDAQ:OUST) Trading Down 8.9% – Here’s What Happened

Shares of Ouster, Inc. (NASDAQ:OUST) were down 8.9% during trading on Friday . The stock traded as low as $43.10 and last traded at $43.28. 3,262,554 shares changed hands during mid-day trading, a decline of 1% from the average session volume of 3,279,842 shares. The stock had previously closed at $47.53.

Analyst Upgrades and Downgrades

OUST has been the subject of several analyst reports. Roth Capital initiated coverage on shares of Ouster in a report on Friday, May 29th. They set a “buy” rating and a $75.00 price target for the company. Rosenblatt Securities increased their price objective on shares of Ouster from $40.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Cantor Fitzgerald downgraded shares of Ouster from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings began coverage on shares of Ouster in a report on Friday, May 15th. They issued a “sell (d-)” rating on the stock. Four equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $48.17.

Ouster Price Performance

The firm has a market capitalization of $2.72 billion, a P/E ratio of -44.62 and a beta of 3.17. The stock has a fifty day simple moving average of $40.61 and a two-hundred day simple moving average of $28.63.

Ouster (NASDAQ:OUST) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.16). The business had revenue of $48.58 million for the quarter, compared to the consensus estimate of $46.15 million. Ouster had a negative return on equity of 21.49% and a negative net margin of 30.12%.During the same quarter in the previous year, the company posted ($0.42) earnings per share. As a group, sell-side analysts expect that Ouster, Inc. will post -1.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ouster news, CRO Cyrille Jacquemet sold 9,433 shares of Ouster stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $40.00, for a total value of $377,320.00. Following the completion of the sale, the executive directly owned 123,158 shares of the company’s stock, valued at approximately $4,926,320. The trade was a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kenneth P. Gianella sold 54,337 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $38.82, for a total transaction of $2,109,362.34. Following the transaction, the chief financial officer directly owned 301,014 shares in the company, valued at $11,685,363.48. This trade represents a 15.29% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 910,591 shares of company stock valued at $32,578,780. 5.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ouster

A number of hedge funds have recently added to or reduced their stakes in OUST. SG Americas Securities LLC raised its holdings in shares of Ouster by 43.2% in the 4th quarter. SG Americas Securities LLC now owns 276,578 shares of the company’s stock worth $5,985,000 after acquiring an additional 83,448 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Ouster by 514.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 185,198 shares of the company’s stock valued at $5,010,000 after purchasing an additional 155,063 shares during the last quarter. Algert Global LLC increased its holdings in Ouster by 192.6% during the 3rd quarter. Algert Global LLC now owns 500,902 shares of the company’s stock worth $13,549,000 after purchasing an additional 329,735 shares in the last quarter. UBS Group AG raised its stake in shares of Ouster by 67.7% in the fourth quarter. UBS Group AG now owns 301,469 shares of the company’s stock worth $6,524,000 after purchasing an additional 121,708 shares during the last quarter. Finally, Patten Group Inc. purchased a new stake in shares of Ouster in the first quarter worth approximately $212,000. Institutional investors and hedge funds own 31.45% of the company’s stock.

About Ouster

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.