Ouster (NASDAQ:OUST) Shares Gap Up – What’s Next?

Shares of Ouster, Inc. (NASDAQ:OUST) gapped up before the market opened on Tuesday . The stock had previously closed at $37.03, but opened at $40.16. Ouster shares last traded at $42.62, with a volume of 2,254,096 shares traded.

Analysts Set New Price Targets

A number of research firms have weighed in on OUST. Cantor Fitzgerald downgraded Ouster from an “overweight” rating to a “neutral” rating in a report on Thursday, May 7th. Weiss Ratings started coverage on Ouster in a report on Friday, May 15th. They set a “sell (d-)” rating on the stock. Oppenheimer reissued an “outperform” rating and set a $40.00 price target on shares of Ouster in a research report on Tuesday, March 3rd. Finally, Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Ouster in a research note on Tuesday, March 3rd. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $40.20.

Ouster Trading Up 15.4%

The company has a market cap of $2.68 billion, a PE ratio of -44.07 and a beta of 3.06. The firm has a 50 day moving average of $24.88 and a two-hundred day moving average of $23.38.

Insider Buying and Selling

In related news, Director Stephen A. Skaggs sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $30.00, for a total value of $150,000.00. Following the sale, the director owned 61,690 shares in the company, valued at $1,850,700. This represents a 7.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Mark Frichtl sold 4,316 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $36.00, for a total value of $155,376.00. Following the completion of the transaction, the chief technology officer directly owned 628,638 shares in the company, valued at $22,630,968. This trade represents a 0.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 503,475 shares of company stock worth $14,196,335. 5.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ouster

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its position in Ouster by 114.6% in the 1st quarter. Bank of America Corp DE now owns 217,390 shares of the company’s stock valued at $3,993,000 after acquiring an additional 116,096 shares in the last quarter. Janus Henderson Group PLC lifted its position in Ouster by 706.0% in the 1st quarter. Janus Henderson Group PLC now owns 177,895 shares of the company’s stock valued at $3,268,000 after acquiring an additional 155,825 shares in the last quarter. Amundi lifted its position in Ouster by 40.1% in the 1st quarter. Amundi now owns 21,921 shares of the company’s stock valued at $403,000 after acquiring an additional 6,278 shares in the last quarter. California State Teachers Retirement System lifted its position in Ouster by 50.3% in the 1st 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 in the last quarter. Finally, Royal Bank of Canada lifted its position in Ouster by 34.4% in the 1st 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 in the last quarter. 31.45% of the stock is owned by institutional investors.

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.