Ouster (NYSE:OUST) Stock Price Down 6.9% - Time to Sell?

Key Points

• Ouster's stock price dropped by 6.9% to $32.28, with trading volume declining significantly by 54% from the average.
• Analysts have mixed views on Ouster, with a consensus rating of "Buy" and an average price target of $15.95 despite a recent downgrade by Cantor Fitzgerald.
• Insider selling has been noted, with significant share sales by CTO Mark Frichtl and General Counsel Megan Chung, indicating potential concerns among executives regarding the stock's future performance.

Ouster, Inc. (NYSE:OUST - Get Free Report) shares were down 6.9% during trading on Monday . The stock traded as low as $31.25 and last traded at $32.28. Approximately 1,027,205 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 2,240,821 shares. The stock had previously closed at $34.66.

Analyst Upgrades and Downgrades

Several analysts have recently commented on OUST shares. 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 target price 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 assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Ouster presently has a consensus rating of "Buy" and an average price target of $15.95.

Ouster Stock Down 3.6%

The company has a market cap of $1.95 billion, a PE ratio of -13.11 and a beta of 2.75. The company has a 50-day moving average of $28.62 and a 200-day moving average of $18.27.

Insider Activity

In other Ouster news, COO Darien Spencer sold 18,274 shares of Ouster stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $28.46, for a total transaction of $520,078.04. Following the transaction, the chief operating officer owned 346,132 shares of the company's stock, valued at $9,850,916.72. This trade represents a 5.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles Angus Pacala sold 37,992 shares of Ouster stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $28.46, for a total transaction of $1,081,252.32. Following the transaction, the chief executive officer directly owned 1,009,927 shares in the company, valued at approximately $28,742,522.42. This represents a 3.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 98,778 shares of company stock worth $2,811,222 in the last quarter. 6.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ouster

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Ouster by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 3,825,565 shares of the company's stock worth $34,354,000 after buying an additional 190,885 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Ouster by 8.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,190,545 shares of the company's stock worth $28,876,000 after buying an additional 95,510 shares in the last quarter. Penn Capital Management Company LLC lifted its position in shares of Ouster by 5.6% during 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 raised its holdings in shares of Ouster by 29.0% in the 2nd quarter. Marshall Wace LLP now owns 687,260 shares of the company's stock worth $16,666,000 after purchasing an additional 154,353 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Ouster by 1,521.8% in the 2nd quarter. Invesco Ltd. now owns 571,662 shares of the company's stock worth $13,863,000 after purchasing an additional 536,413 shares during the period. Institutional investors own 31.45% of the company's stock.

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.