Ouster (NASDAQ:OUST) Stock Price Down 5.4% Following Insider Selling

Ouster, Inc. (NASDAQ:OUST)’s stock price was down 5.4% during trading on Tuesday following insider selling activity. The company traded as low as $42.62 and last traded at $42.73. Approximately 2,619,430 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 2,902,483 shares. The stock had previously closed at $45.18.

Specifically, CEO Charles Angus Pacala sold 29,797 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $38.82, for a total transaction of $1,156,719.54. Following the completion of the transaction, the chief executive officer directly owned 1,072,201 shares in the company, valued at $41,622,842.82. The trade was a 2.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kenneth P. Gianella sold 54,337 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $38.82, for a total value of $2,109,362.34. Following the transaction, the chief financial officer owned 301,014 shares of the company’s stock, valued at approximately $11,685,363.48. This trade represents a 15.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on OUST shares. Weiss Ratings initiated coverage on Ouster in a report on Friday, May 15th. They set a “sell (d-)” rating for the company. Roth Mkm initiated coverage on Ouster in a research note on Friday, May 29th. They issued a “buy” rating and a $75.00 target price for the company. Oppenheimer restated an “outperform” rating and issued a $40.00 target price on shares of Ouster in a research note on Tuesday, March 3rd. Cantor Fitzgerald lowered Ouster from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 7th. Finally, Rosenblatt Securities increased their price objective on Ouster from $40.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $48.17.

Ouster Stock Down 5.4%

The firm has a fifty day moving average of $31.71 and a 200-day moving average of $25.48. The firm has a market cap of $2.68 billion, a P/E ratio of -44.05 and a beta of 3.24.

Hedge Funds Weigh In On Ouster

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Ouster by 11.3% in the third quarter. Vanguard Group Inc. now owns 4,720,264 shares of the company’s stock valued at $127,683,000 after acquiring an additional 478,372 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Ouster by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 1,421,130 shares of the company’s stock worth $30,758,000 after buying an additional 118,132 shares during the last quarter. Penn Capital Management Company LLC boosted its holdings in Ouster by 24.1% during the fourth quarter. Penn Capital Management Company LLC now owns 775,297 shares of the company’s stock worth $16,817,000 after buying an additional 150,337 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in Ouster by 130.7% during the fourth quarter. Handelsbanken Fonder AB now owns 715,646 shares of the company’s stock worth $15,479,000 after buying an additional 405,441 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Ouster by 1,521.8% during the second quarter. Invesco Ltd. now owns 571,662 shares of the company’s stock worth $13,863,000 after buying an additional 536,413 shares during the last quarter. 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.