Ouster (NYSE:OUST) Shares Up 12.6% – Still a Buy?

Ouster, Inc. (NYSE:OUST)’s stock price shot up 12.6% during mid-day trading on Monday . The stock traded as high as $27.92 and last traded at $28.3770. 1,776,538 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 2,125,554 shares. The stock had previously closed at $25.20.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OUST. Oppenheimer reiterated an “outperform” rating and issued a $40.00 target price on shares of Ouster in a research note on Tuesday, March 3rd. Cantor Fitzgerald downgraded shares of Ouster from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $40.00 price objective on shares of Ouster in a research report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.20.

Ouster Price Performance

The company’s 50-day simple moving average is $22.71 and its 200-day simple moving average is $23.34. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of -13.30 and a beta of 3.06.

Insiders Place Their Bets

In other Ouster news, General Counsel Megan Chung sold 5,837 shares of the firm’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $24.70, for a total transaction of $144,173.90. Following the completion of the sale, the general counsel directly owned 213,836 shares in the company, valued at $5,281,749.20. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Stephen A. Skaggs sold 5,000 shares of the firm’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 transaction of $150,000.00. Following the sale, the director owned 61,690 shares of the company’s stock, valued at $1,850,700. This trade represents a 7.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 303,409 shares of company stock worth $7,524,471 over the last three months. Insiders own 6.63% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OUST. NewEdge Advisors LLC increased its holdings in shares of Ouster by 2,532.6% during the second quarter. NewEdge Advisors LLC now owns 1,132 shares of the company’s stock worth $27,000 after purchasing an additional 1,089 shares during the period. Larson Financial Group LLC increased its holdings in shares of Ouster by 118.8% during the fourth quarter. Larson Financial Group LLC now owns 1,965 shares of the company’s stock worth $43,000 after purchasing an additional 1,067 shares during the period. Gordian Capital Singapore Pte Ltd increased its holdings in shares of Ouster by 38.1% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 2,900 shares of the company’s stock worth $78,000 after purchasing an additional 800 shares during the period. SHP Wealth Management bought a new position in shares of Ouster during the fourth quarter worth approximately $96,000. Finally, Van ECK Associates Corp increased its holdings in shares of 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 purchasing an additional 525 shares during the period. 31.45% of the stock is owned by institutional investors.

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.