Ouster (NYSE:OUST) Stock Price Up 8.7% - Time to Buy?

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.

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

Analysts Set New Price Targets

OUST has been the subject of several recent analyst reports. Westpark Capital upgraded Ouster from a "hold" rating to a "buy" rating in a research report on Wednesday, August 13th. Cantor Fitzgerald restated a "neutral" rating and set a $19.00 target price on shares of Ouster in a research report on Thursday, June 12th. One 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $15.95.

Ouster Stock Up 11.8%

The company has a market cap of $1.98 billion, a P/E ratio of -13.31 and a beta of 2.75. The business's 50 day moving average is $27.98 and its 200 day moving average is $17.57.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Ouster

Large investors have recently made changes to their positions in the business. Deutsche Bank AG grew its holdings in shares of Ouster by 30.8% during the fourth quarter. Deutsche Bank AG now owns 31,137 shares of the company's stock valued at $380,000 after buying an additional 7,329 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Ouster by 14.2% during the fourth quarter. Bank of America Corp DE now owns 105,753 shares of the company's stock valued at $1,292,000 after buying an additional 13,145 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Ouster by 9,703.8% during the first quarter. GAMMA Investing LLC now owns 15,392 shares of the company's stock valued at $138,000 after buying an additional 15,235 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Ouster by 71.3% during the first quarter. Invesco Ltd. now owns 35,249 shares of the company's stock valued at $317,000 after buying an additional 14,674 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Ouster by 10.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,307 shares of the company's stock valued at $321,000 after buying an additional 2,542 shares during the last quarter. 31.45% of the stock is owned by institutional investors and hedge funds.

About Ouster

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.

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