Ouster (NYSE:OUST) Shares Gap Up on Insider Buying Activity

Ouster, Inc. (NYSE:OUST) shares gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $9.38, but opened at $9.97. Ouster shares last traded at $10.50, with a volume of 1,512,519 shares changing hands.

Specifically, CEO Charles Angus Pacala acquired 50,954 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was bought at an average price of $9.79 per share, with a total value of $498,839.66. Following the completion of the acquisition, the chief executive officer now directly owns 769,957 shares of the company’s stock, valued at approximately $7,537,879.03. The trade was a 7.09 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Mark Frichtl bought 5,045 shares of the stock in a transaction on Thursday, December 12th. The stock was purchased at an average cost of $9.78 per share, for a total transaction of $49,340.10. Following the acquisition, the chief technology officer now owns 513,121 shares of the company’s stock, valued at $5,018,323.38. This trade represents a 0.99 % increase in their position. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

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

Ouster Price Performance

The stock’s 50-day simple moving average is $8.52 and its two-hundred day simple moving average is $9.17. The firm has a market capitalization of $546.73 million, a P/E ratio of -4.27 and a beta of 2.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Marshall Wace LLP raised its holdings in Ouster by 184.9% during the second quarter. Marshall Wace LLP now owns 653,530 shares of the company’s stock valued at $6,424,000 after acquiring an additional 424,178 shares during the period. Bank of New York Mellon Corp bought a new stake in Ouster during the 2nd quarter valued at approximately $1,305,000. Renaissance Technologies LLC bought a new stake in Ouster during the 2nd quarter valued at approximately $1,217,000. GSA Capital Partners LLP purchased a new position in Ouster in the 3rd quarter worth approximately $706,000. Finally, Geode Capital Management LLC boosted its stake in Ouster by 6.8% in the 3rd quarter. Geode Capital Management LLC now owns 975,407 shares of the company’s stock worth $6,146,000 after purchasing an additional 62,202 shares during the period. Institutional investors own 31.45% of the company’s stock.

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.