Ouster (NYSE:OUST) Shares Up 8.7% - What's Next?

Key Points

• Ouster's stock price surged 8.7% to $33.26 during mid-day trading, significantly above its last closing price of $30.61, with trading volume increasing by 43% from average levels.
• Recent analyst ratings for Ouster show a majority favorability, with one strong buy, four buys, and an average target price of $15.95.
• Insider trading activity has been notable, with key executives selling off shares, resulting in a 7.80% and 5.01% decrease in ownership for the General Counsel and COO respectively.

Shares of Ouster, Inc. (NYSE:OUST - Get Free Report) shot up 8.7% during trading on Thursday . The company traded as high as $33.60 and last traded at $33.26. 3,165,654 shares traded hands during mid-day trading, an increase of 43% from the average session volume of 2,218,090 shares. The stock had previously closed at $30.61.

Analyst Ratings Changes

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

Ouster Price Performance

The company's fifty day simple moving average is $28.42 and its two-hundred day simple moving average is $17.94. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of -13.49 and a beta of 2.75.

Insider Activity

In other news, COO Darien Spencer sold 18,274 shares of the company's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $28.46, for a total value of $520,078.04. Following the completion of the sale, the chief operating officer owned 346,132 shares in the company, valued at $9,850,916.72. This represents a 5.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Megan Chung sold 17,183 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $28.46, for a total transaction of $489,028.18. Following the transaction, the general counsel owned 203,036 shares of the company's stock, valued at approximately $5,778,404.56. The trade was a 7.80% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 98,778 shares of company stock worth $2,811,222. 6.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Ouster

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Ouster by 5.3% in 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 in the last quarter. Geode Capital Management LLC raised its position in shares of Ouster by 8.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,190,545 shares of the company's stock worth $28,876,000 after purchasing an additional 95,510 shares during the last quarter. Penn Capital Management Company LLC increased its holdings in Ouster by 5.6% in the 1st quarter. Penn Capital Management Company LLC now owns 1,155,414 shares of the company's stock worth $10,387,000 after buying an additional 60,886 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Ouster by 29.0% during the 2nd quarter. Marshall Wace LLP now owns 687,260 shares of the company's stock valued at $16,666,000 after purchasing an additional 154,353 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Ouster by 1,521.8% during the 2nd quarter. Invesco Ltd. now owns 571,662 shares of the company's stock valued at $13,863,000 after purchasing an additional 536,413 shares during the period. 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.