Ouster (NYSE:OUST) Shares Gap Down – What’s Next?

Ouster, Inc. (NYSE:OUST)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $14.61, but opened at $13.66. Ouster shares last traded at $12.74, with a volume of 490,052 shares.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OUST. Northland Securities started coverage on Ouster in a report on Thursday, December 12th. They set an “outperform” rating and a $14.00 price objective for the company. Cantor Fitzgerald upgraded shares of Ouster from a “neutral” rating to an “overweight” rating and reduced their target price for the stock from $12.00 to $10.00 in a research note on Monday, November 11th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Ouster in a report on Friday, November 8th. Finally, Northland Capmk raised shares of Ouster to a “strong-buy” rating in a report on Thursday, December 12th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $13.17.

Ouster Stock Down 15.7 %

The company has a market cap of $612.68 million, a PE ratio of -4.79 and a beta of 2.39. The stock has a 50-day moving average of $10.08 and a 200-day moving average of $9.35.

Insider Activity

In other news, CEO Charles Angus Pacala bought 50,954 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was bought at an average price of $9.79 per share, for a total transaction of $498,839.66. Following the transaction, the chief executive officer now directly owns 769,957 shares of the company’s stock, valued at $7,537,879.03. This represents a 7.09 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Megan Chung sold 13,671 shares of Ouster stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $9.69, for a total transaction of $132,471.99. Following the completion of the transaction, the general counsel now owns 149,647 shares in the company, valued at approximately $1,450,079.43. The trade was a 8.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,415 shares of company stock worth $748,620. 7.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ouster

A number of large investors have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its holdings in Ouster by 28.4% in the third quarter. Van ECK Associates Corp now owns 7,264 shares of the company’s stock valued at $46,000 after acquiring an additional 1,608 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Ouster during the 2nd quarter worth approximately $27,000. Ballentine Partners LLC bought a new stake in shares of Ouster during the 2nd quarter valued at $101,000. Stoneridge Investment Partners LLC purchased a new stake in Ouster in the third quarter worth about $67,000. Finally, True North Advisors LLC purchased a new stake in shares of Ouster in the 3rd quarter worth approximately $78,000. 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.