Ouster (NASDAQ:OUST) Trading Down 5.3% Following Insider Selling

Shares of Ouster, Inc. (NASDAQ:OUST) traded down 5.3% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $42.29 and last traded at $45.16. 4,200,716 shares were traded during trading, an increase of 40% from the average daily volume of 2,998,668 shares. The stock had previously closed at $47.68.

Specifically, Director Ted L. Tewksbury III sold 1,695 shares of Ouster stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $47.00, for a total transaction of $79,665.00. Following the sale, the director directly owned 124,999 shares of the company’s stock, 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 SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

OUST has been the subject of several recent research reports. Rosenblatt Securities upped their price objective on Ouster from $40.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Roth Mkm assumed coverage on shares of Ouster in a research report on Friday, May 29th. They issued a “buy” rating and a $75.00 price target for the company. Oppenheimer reaffirmed an “outperform” rating and set a $40.00 price target on shares of Ouster in a research note on Tuesday, March 3rd. Weiss Ratings started coverage on shares of Ouster in a report on Friday, May 15th. They set a “sell (d-)” rating on the stock. Finally, Cantor Fitzgerald cut shares of Ouster from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 7th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $48.17.

Ouster Stock Down 5.3%

The stock has a 50 day moving average of $34.22 and a 200 day moving average of $26.28. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -46.56 and a beta of 3.24.

Ouster (NASDAQ:OUST) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.16). The firm had revenue of $48.58 million for the quarter, compared to analyst estimates 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 prior year, the company posted ($0.42) EPS. As a group, sell-side analysts anticipate that Ouster, Inc. will post -1.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Ouster

Large investors have recently modified their holdings of the company. Bank of America Corp DE raised its stake in Ouster by 114.6% during the first quarter. Bank of America Corp DE now owns 217,390 shares of the company’s stock worth $3,993,000 after buying an additional 116,096 shares during the last quarter. Janus Henderson Group PLC boosted its position in Ouster by 706.0% during the first 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 during the last quarter. Amundi grew its holdings in Ouster by 40.1% during the 1st quarter. Amundi now owns 21,921 shares of the company’s stock worth $403,000 after acquiring an additional 6,278 shares during the period. California State Teachers Retirement System grew its holdings in Ouster by 50.3% during the 1st quarter. California State Teachers Retirement System now owns 79,401 shares of the company’s stock worth $1,459,000 after acquiring an additional 26,574 shares during the period. Finally, Royal Bank of Canada raised its position in shares of Ouster by 34.4% in the 1st quarter. Royal Bank of Canada now owns 5,888 shares of the company’s stock worth $108,000 after acquiring an additional 1,507 shares in the last quarter. 31.45% of the stock is currently owned by institutional investors and hedge funds.

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.