Ouster (NASDAQ:OUST) Stock Price Down 6.4% – Time to Sell?

Shares of Ouster, Inc. (NASDAQ:OUST) dropped 6.4% during trading on Wednesday . The company traded as low as $40.32 and last traded at $40.2560. 717,594 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 3,273,558 shares. The stock had previously closed at $42.99.

Analysts Set New Price Targets

OUST has been the topic of several recent analyst reports. Cantor Fitzgerald lowered shares of Ouster from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $53.00 target price on shares of Ouster in a research note on Friday, August 7th. Oppenheimer reiterated an “outperform” rating and set a $57.00 price target (up from $42.00) on shares of Ouster in a report on Wednesday, July 15th. Roth Capital started coverage on Ouster in a research report on Friday, May 29th. They set a “buy” rating and a $75.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ouster in a research note on Wednesday, August 12th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.67.

Ouster Price Performance

The stock has a market capitalization of $2.97 billion, a P/E ratio of -47.75 and a beta of 3.25. The stock’s 50-day simple moving average is $43.14 and its 200 day simple moving average is $31.69.

Ouster (NASDAQ:OUST) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.14). The company had revenue of $54.63 million during the quarter, compared to the consensus estimate of $51.47 million. Ouster had a negative net margin of 26.02% and a negative return on equity of 17.49%. As a group, analysts expect that Ouster, Inc. will post -1.08 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ted L. Tewksbury III sold 1,695 shares of the stock in a transaction that occurred 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 transaction, the director owned 124,999 shares in the company, valued at approximately $5,874,953. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kenneth P. Gianella sold 54,337 shares of Ouster 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 sale, the chief financial officer directly owned 301,014 shares of the company’s stock, valued at approximately $11,685,363.48. The trade was a 15.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 554,004 shares of company stock valued at $22,582,192. Company insiders own 5.72% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OUST. California State Teachers Retirement System boosted its position in shares of Ouster by 50.3% in 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. Renaissance Technologies LLC acquired a new stake in Ouster in the 1st quarter worth about $2,436,000. Dimensional Fund Advisors LP boosted its holdings in Ouster by 7.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 483,871 shares of the company’s stock valued at $8,889,000 after purchasing an additional 32,440 shares during the period. Bastion Asset Management Inc. acquired a new position in shares of Ouster during the 1st quarter worth approximately $5,271,000. Finally, Janus Henderson Group PLC increased its holdings in shares of Ouster by 706.0% during the first quarter. Janus Henderson Group PLC now owns 177,895 shares of the company’s stock worth $3,268,000 after purchasing an additional 155,825 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.