Kornitzer Capital Management Inc. KS Purchases New Holdings in Ouster, Inc. $OUST

Key Points

• Kornitzer Capital Management opened a new position in Ouster during the first quarter, buying 38,344 shares worth about $704,000 and ending with roughly 0.06% ownership of the company.
• Ouster’s latest earnings showed a loss of $0.28 per share, wider than analysts expected, though revenue of $48.58 million came in above estimates.
• Insiders have been selling shares: CTO Mark Frichtl and CFO Kenneth P. Gianella both reduced their stakes, and insiders sold a total of 910,591 shares last quarter.

Kornitzer Capital Management Inc. KS acquired a new position in Ouster, Inc. (NASDAQ:OUST - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 38,344 shares of the company's stock, valued at approximately $704,000. Kornitzer Capital Management Inc. KS owned about 0.06% of Ouster at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of OUST. Van ECK Associates Corp increased its stake in shares of Ouster by 17.1% in the 3rd quarter. Van ECK Associates Corp now owns 3,590 shares of the company's stock valued at $97,000 after buying an additional 525 shares during the period. Main Management ETF Advisors LLC lifted its stake in shares of Ouster by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 54,810 shares of the company's stock valued at $1,186,000 after acquiring an additional 560 shares during the period. Corient Private Wealth LLC lifted its stake in shares of Ouster by 5.5% during the second quarter. Corient Private Wealth LLC now owns 11,554 shares of the company's stock valued at $280,000 after acquiring an additional 599 shares during the period. Prosperity Wealth Management Inc. lifted its stake in shares of Ouster by 5.5% during the third quarter. Prosperity Wealth Management Inc. now owns 13,000 shares of the company's stock valued at $352,000 after acquiring an additional 675 shares during the period. Finally, Creative Planning boosted its holdings in Ouster by 1.6% in the third quarter. Creative Planning now owns 43,681 shares of the company's stock valued at $1,182,000 after acquiring an additional 677 shares during the last quarter. Institutional investors and hedge funds own 31.45% of the company's stock.

Ouster Price Performance

NASDAQ:OUST opened at $43.28 on Monday. Ouster, Inc. has a 12-month low of $16.40 and a 12-month high of $63.79. The stock's fifty day simple moving average is $40.61 and its 200-day simple moving average is $28.67. The firm has a market capitalization of $2.72 billion, a P/E ratio of -44.62 and a beta of 3.17.

Ouster (NASDAQ:OUST - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.16). Ouster had a negative net margin of 30.12% and a negative return on equity of 21.49%. The company had revenue of $48.58 million during the quarter, compared to the consensus estimate of $46.15 million. During the same quarter in the prior year, the company posted ($0.42) EPS. As a group, equities research analysts expect that Ouster, Inc. will post -1.05 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Mark Frichtl sold 308,742 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $41.53, for a total value of $12,822,055.26. Following the sale, the chief technology officer directly owned 294,924 shares in the company, valued at $12,248,193.72. This trade represents a 51.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kenneth P. Gianella sold 54,337 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $38.82, for a total transaction of $2,109,362.34. Following the transaction, the chief financial officer owned 301,014 shares of the company's stock, valued at approximately $11,685,363.48. This represents a 15.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 910,591 shares of company stock worth $32,578,780 over the last quarter. Insiders own 5.72% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on OUST shares. Cantor Fitzgerald lowered Ouster from an "overweight" rating to a "neutral" rating in a research report on Thursday, May 7th. Roth Capital initiated coverage on shares of Ouster in a research report on Friday, May 29th. They set a "buy" rating and a $75.00 target price on the stock. Rosenblatt Securities raised their target price on shares of Ouster from $40.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings began coverage on shares of Ouster in a research report on Friday, May 15th. They set a "sell (d-)" rating for the company. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $48.17.

Ouster 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.

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