Renaissance Technologies LLC Buys New Shares in Ouster, Inc. $OUST

Key Points

• Renaissance Technologies initiated a position in Ouster during the first quarter, purchasing 132,600 shares valued at approximately $2.44 million. Institutional investors collectively own 31.45% of the company.
• Ouster reported quarterly revenue of $54.63 million, exceeding estimates, but its adjusted loss of $0.26 per share was wider than the expected $0.12 loss. Analysts project a full-year loss of $1.03 per share.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $54.67, compared with the stock’s reported price of $42.13. However, insiders sold 744,754 shares worth nearly $28.93 million over the prior 90 days.

Renaissance Technologies LLC bought a new position in Ouster, Inc. (NASDAQ:OUST - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 132,600 shares of the company's stock, valued at approximately $2,436,000. Renaissance Technologies LLC owned about 0.21% of Ouster at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its stake in shares of Ouster by 17.1% in 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 last quarter. Main Management ETF Advisors LLC increased its holdings in Ouster by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 54,810 shares of the company's stock worth $1,186,000 after buying an additional 560 shares during the period. Corient Private Wealth LLC increased its holdings in Ouster by 5.5% in the 2nd quarter. Corient Private Wealth LLC now owns 11,554 shares of the company's stock worth $280,000 after buying an additional 599 shares during the period. Prosperity Wealth Management Inc. raised its position in Ouster by 5.5% during the 3rd quarter. Prosperity Wealth Management Inc. now owns 13,000 shares of the company's stock worth $352,000 after buying an additional 675 shares during the last quarter. Finally, Creative Planning raised its position in Ouster by 1.6% during the 3rd quarter. Creative Planning now owns 43,681 shares of the company's stock worth $1,182,000 after buying an additional 677 shares during the last quarter. Institutional investors and hedge funds own 31.45% of the company's stock.

Insider Buying and Selling

In other news, COO Darien Spencer sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.00, for a total value of $1,350,000.00. Following the completion of the sale, the chief operating officer directly owned 299,806 shares in the company, valued at $13,491,270. The trade was a 9.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen A. Skaggs sold 3,614 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $45.18, for a total value of $163,280.52. Following the transaction, the director owned 61,415 shares in the company, valued at $2,774,729.70. This trade represents a 5.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 744,754 shares of company stock valued at $28,929,859 in the last 90 days. Corporate insiders own 5.72% of the company's stock.

Ouster Stock Performance

Shares of Ouster stock opened at $42.13 on Tuesday. The firm has a 50-day simple moving average of $42.74 and a two-hundred day simple moving average of $30.80. The company has a market cap of $2.65 billion, a P/E ratio of -48.99 and a beta of 3.25. Ouster, Inc. has a fifty-two week low of $16.40 and a fifty-two week high of $63.79.

Ouster (NASDAQ:OUST - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.14). The business had revenue of $54.63 million for the quarter, compared to analyst estimates of $51.47 million. Ouster had a negative net margin of 26.02% and a negative return on equity of 17.49%. Equities research analysts forecast that Ouster, Inc. will post -1.03 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on OUST shares. Roth Capital began coverage on shares of Ouster in a report on Friday, May 29th. They issued a "buy" rating and a $75.00 price objective on the stock. Oppenheimer reissued an "outperform" rating and set a $57.00 target price (up from $42.00) on shares of Ouster in a report on Wednesday, July 15th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $53.00 price target on shares of Ouster in a report on Friday. Citigroup reaffirmed an "outperform" rating on shares of Ouster in a research report on Tuesday, July 21st. Finally, Northland Securities set a $60.00 price objective on Ouster and gave the company an "outperform" rating in a research note on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $54.67.

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.

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