Ouster (NASDAQ:OUST) Issues Earnings Results, Misses Estimates By $0.12 EPS

Key Points

• Ouster reported a quarterly loss of $0.20 per share, missing the consensus estimate of a $0.08 loss by $0.12, while revenue of $59.33 million exceeded expectations of $56.30 million.
• Shares rose 2.7% to $28.98 on Tuesday. Analysts’ consensus rating was Moderate Buy, with an average price target of $54.67.
• Company insiders sold a total of 143,037 shares worth about $5.37 million over the past 90 days.

Ouster (NASDAQ:OUST - Get Free Report) posted its earnings results on Tuesday. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.12), FiscalAI reports. The company had revenue of $59.33 million during the quarter, compared to the consensus estimate of $56.30 million. Ouster had a negative return on equity of 17.49% and a negative net margin of 26.02%.

Ouster Stock Up 2.7%

NASDAQ:OUST traded up $0.76 on Tuesday, reaching $28.98. 3,197,569 shares of the company's stock traded hands, compared to its average volume of 3,061,437. The stock has a 50-day simple moving average of $35.69 and a 200-day simple moving average of $32.43. The firm has a market cap of $2.09 billion, a PE ratio of -33.70 and a beta of 3.23. Ouster has a 12 month low of $16.40 and a 12 month high of $63.79.

Analyst Upgrades and Downgrades

A number of analysts recently commented on OUST shares. Rosenblatt Securities reiterated a "buy" rating and set a $53.00 price objective on shares of Ouster in a research report on Thursday, August 27th. Citigroup reissued an "outperform" rating on shares of Ouster in a report on Tuesday, July 21st. Weiss Ratings restated a "sell (d-)" rating on shares of Ouster in a research report on Wednesday, August 12th. Northland Securities set a $60.00 target price on shares of Ouster and gave the company an "outperform" rating in a report on Tuesday, July 21st. Finally, Oppenheimer reiterated an "outperform" rating and issued a $57.00 price target (up from $42.00) on shares of Ouster in a research report on Wednesday, July 15th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.67.

Insiders Place Their Bets

In other news, CFO Kenneth P. Gianella sold 40,000 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $45.33, for a total transaction of $1,813,200.00. Following the completion of the transaction, the chief financial officer directly owned 261,014 shares in the company, valued at approximately $11,831,764.62. This represents a 13.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Megan Chung sold 11,484 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $33.96, for a total transaction of $389,996.64. Following the transaction, the general counsel owned 189,291 shares of the company's stock, valued at $6,428,322.36. This trade represents a 5.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 143,037 shares of company stock worth $5,370,238 over the last ninety days. 5.72% of the stock is owned by company insiders.

About Ouster

Ouster, Inc is a technology company that develops and manufactures digital lidar sensors and related software. Its lidar systems use laser light to detect and measure surrounding objects, supporting applications that require real-time perception, mapping, and automation.

The company's products are designed for customers in the automotive, industrial automation, robotics, infrastructure, mapping, security, and smart-city markets. Ouster provides lidar sensors for uses such as autonomous and assisted driving, warehouse and industrial operations, traffic monitoring, asset inspection, and other machine-perception applications.