Ouster (NASDAQ:OUST) Shares Gap Down on Insider Selling

Ouster, Inc. (NASDAQ:OUST) shares gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $47.68, but opened at $43.14. Ouster shares last traded at $48.8430, with a volume of 1,138,927 shares traded.

Specifically, Director Ted L. Tewksbury III sold 1,695 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $47.00, for a total transaction of $79,665.00. Following the completion of the sale, the director directly owned 124,999 shares of the company’s stock, valued at $5,874,953. This represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Wall Street Analyst Weigh In

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

Ouster Stock Performance

The company has a 50 day moving average of $34.22 and a 200 day moving average of $26.28. The firm has a market cap of $3.06 billion, a P/E ratio of -50.45 and a beta of 3.24.

Ouster (NASDAQ:OUST) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate 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 net margin of 30.12% and a negative return on equity of 21.49%. During the same period in the previous year, the business posted ($0.42) EPS. As a group, analysts expect that Ouster, Inc. will post -1.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Ouster

Institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp increased its position in Ouster by 17.1% during the third quarter. Van ECK Associates Corp now owns 3,590 shares of the company’s stock worth $97,000 after buying an additional 525 shares during the last quarter. Main Management ETF Advisors LLC lifted its position in shares of Ouster by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 54,810 shares of the company’s stock worth $1,186,000 after buying an additional 560 shares during the last quarter. Corient Private Wealth LLC boosted its stake in shares of Ouster by 5.5% during the 2nd quarter. Corient Private Wealth LLC now owns 11,554 shares of the company’s stock worth $280,000 after acquiring an additional 599 shares in the last quarter. Prosperity Wealth Management Inc. boosted its stake in shares of Ouster by 5.5% during the 3rd quarter. Prosperity Wealth Management Inc. now owns 13,000 shares of the company’s stock worth $352,000 after acquiring an additional 675 shares in the last quarter. Finally, Creative Planning increased its holdings in shares of Ouster by 1.6% during the 3rd quarter. Creative Planning now owns 43,681 shares of the company’s stock valued at $1,182,000 after acquiring an additional 677 shares during the last quarter. 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.