Ouster (NYSE:OUST) Shares Up 8.6% – Should You Buy?

Ouster, Inc. (NYSE:OUST)’s share price shot up 8.6% during mid-day trading on Friday . The company traded as high as $14.71 and last traded at $14.94. 523,375 shares traded hands during trading, a decline of 63% from the average session volume of 1,427,875 shares. The stock had previously closed at $13.76.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OUST. Cantor Fitzgerald boosted their price target on shares of Ouster from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Rosenblatt Securities restated a “buy” rating and set a $17.00 target price on shares of Ouster in a research report on Friday, March 21st. Oppenheimer began coverage on shares of Ouster in a research report on Thursday, March 27th. They set an “outperform” rating and a $16.00 target price on the stock. UBS Group set a $16.00 target price on shares of Ouster in a research report on Thursday, March 27th. Finally, Westpark Capital upgraded shares of Ouster from a “hold” rating to a “buy” rating and set a $13.68 target price on the stock in a research report on Friday, May 9th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $14.10.

Ouster Stock Up 6.0%

The company has a market cap of $784.45 million, a PE ratio of -5.68 and a beta of 2.47. The firm’s fifty day simple moving average is $9.23 and its 200-day simple moving average is $9.80.

Insider Buying and Selling at Ouster

In related news, General Counsel Megan Chung sold 5,800 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $11.24, for a total transaction of $65,192.00. Following the transaction, the general counsel now owns 220,762 shares of the company’s stock, valued at approximately $2,481,364.88. This represents a 2.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 9,099 shares of company stock valued at $90,460 over the last quarter. Corporate insiders own 7.81% of the company’s stock.

Hedge Funds Weigh In On Ouster

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Ouster by 5.3% during the first quarter. Vanguard Group Inc. now owns 3,825,565 shares of the company’s stock valued at $34,354,000 after buying an additional 190,885 shares during the period. Penn Capital Management Company LLC raised its stake in Ouster by 5.6% during the first quarter. Penn Capital Management Company LLC now owns 1,155,414 shares of the company’s stock worth $10,387,000 after purchasing an additional 60,886 shares during the period. Geode Capital Management LLC raised its stake in Ouster by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,022,274 shares of the company’s stock worth $12,495,000 after purchasing an additional 46,867 shares during the period. New York State Common Retirement Fund raised its stake in Ouster by 25.8% during the fourth quarter. New York State Common Retirement Fund now owns 759,491 shares of the company’s stock worth $9,281,000 after purchasing an additional 155,640 shares during the period. Finally, Trexquant Investment LP raised its stake in Ouster by 113.9% during the fourth quarter. Trexquant Investment LP now owns 602,448 shares of the company’s stock worth $7,362,000 after purchasing an additional 320,742 shares during the period. Hedge funds and other 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.