Ouster (NYSE:OUST) Stock Price Down 5.2% - Here's What Happened

Key Points

• Ouster's stock price declined by 5.2%, trading as low as $28.56 and closing at $29.12 with a significant drop in trading volume.
• Analysts have a consensus rating of "Buy" for Ouster, with price targets ranging from $15.95 to $19.00 following recent upgrades from firms like Westpark Capital.
• Institutional investors have increased their holdings in Ouster significantly, with NewEdge Advisors raising its stake by 2,532.6% in the second quarter.

Ouster, Inc. (NYSE:OUST - Get Free Report)'s stock price fell 5.2% during mid-day trading on Friday . The company traded as low as $28.56 and last traded at $29.12. 550,866 shares were traded during trading, a decline of 75% from the average session volume of 2,172,752 shares. The stock had previously closed at $30.73.

Analysts Set New Price Targets

A number of brokerages recently issued reports on OUST. Westpark Capital upgraded Ouster from a "hold" rating to a "buy" rating in a research note on Wednesday, August 13th. Cantor Fitzgerald restated a "neutral" rating and issued a $19.00 price target on shares of Ouster in a research note on Thursday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Ouster has an average rating of "Buy" and an average price target of $15.95.

Ouster Trading Down 5.8%

The firm has a market capitalization of $1.67 billion, a P/E ratio of -11.26 and a beta of 2.75. The company has a 50 day simple moving average of $27.60 and a two-hundred day simple moving average of $17.25.

Institutional Trading of Ouster

Several hedge funds have recently modified their holdings of OUST. NewEdge Advisors LLC raised its holdings in shares of Ouster by 2,532.6% during the 2nd quarter. NewEdge Advisors LLC now owns 1,132 shares of the company's stock worth $27,000 after acquiring an additional 1,089 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Ouster by 153.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,211 shares of the company's stock worth $29,000 after acquiring an additional 733 shares in the last quarter. TD Waterhouse Canada Inc. raised its holdings in shares of Ouster by 8,823.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,517 shares of the company's stock worth $37,000 after acquiring an additional 1,500 shares in the last quarter. Byrne Asset Management LLC purchased a new stake in shares of Ouster during the 1st quarter worth approximately $39,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Ouster during the 1st quarter worth approximately $49,000. 31.45% of the stock is owned by hedge funds and other institutional investors.

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.