Ouster (NYSE:OUST) Trading 6.1% Higher - Here's What Happened

Ouster, Inc. (NYSE:OUST - Get Free Report)'s share price rose 6.1% on Wednesday . The stock traded as high as $24.73 and last traded at $24.57. Approximately 656,021 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 1,626,343 shares. The stock had previously closed at $23.15.

Analyst Ratings Changes

OUST has been the topic of several analyst reports. Cantor Fitzgerald reissued a "neutral" rating and issued a $19.00 price objective on shares of Ouster in a research note on Thursday, June 12th. Oppenheimer assumed coverage on shares of Ouster in a research report on Thursday, March 27th. They set an "outperform" rating and a $16.00 price target on the stock. Westpark Capital cut shares of Ouster from a "buy" rating to a "hold" rating in a research report on Thursday, June 12th. UBS Group set a $16.00 price target on shares of Ouster in a research report on Thursday, March 27th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $17.00 price target on shares of Ouster in a research report on Friday, March 21st. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $15.24.

Ouster Stock Down 4.6%

The firm has a market cap of $1.25 billion, a P/E ratio of -9.08 and a beta of 2.75. The stock's 50-day simple moving average is $16.39 and its 200 day simple moving average is $11.82.

Hedge Funds Weigh In On Ouster

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Ouster by 5.3% during the first quarter. Vanguard Group Inc. now owns 3,825,565 shares of the company's stock valued at $34,354,000 after purchasing an additional 190,885 shares during the period. Penn Capital Management Company LLC raised its holdings in shares of Ouster by 5.6% during the first quarter. Penn Capital Management Company LLC now owns 1,155,414 shares of the company's stock valued at $10,387,000 after purchasing an additional 60,886 shares during the period. Geode Capital Management LLC raised its holdings in shares of Ouster by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,022,274 shares of the company's stock valued at $12,495,000 after purchasing an additional 46,867 shares during the period. Trexquant Investment LP raised its holdings in shares of Ouster by 113.9% during the fourth quarter. Trexquant Investment LP now owns 602,448 shares of the company's stock valued at $7,362,000 after purchasing an additional 320,742 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Ouster by 22.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 471,020 shares of the company's stock valued at $5,757,000 after purchasing an additional 85,355 shares during the period. Institutional investors and hedge funds own 31.45% of the company's stock.

Ouster Company Profile

Ouster, Inc provides lidar sensors for the automotive, industrial, robotics, and smart infrastructure industries in Americas, the Asia-Pacific, Europe, the Middle East, and Africa. Its products include high-resolution scanning and solid-state digital lidar sensors, analog lidar sensors, and software solutions.